Jaguar Land Rover (JLR), the Tata Motors-owned British luxury brand
, is planning to launch several sports cars
and fuel-efficient engines in the coming two years.
In the company's annual report for 2011-12, Tata Group Chairman Ratan Tata said that the car manufacturer "has undertaken its most ambitious product development program in its history and will launch several new sports sedans and sports cars in the next two years. JLR will also offer cars with new higher-powered, more fuel-efficient engines to meet the customer preferences."
Face-lifts and new models of the Range Rover as well as a competitively-priced new line of "rugged, lifestyle vehicles under the Land Rover brand are also scheduled to be launched," Tata said.
He, however, did not share details such as how many new models will hit the roads or how many will be under each of the two brands - Jaguar and Land Rover.
JLR had earlier announced to roll out 40 new products in the next 4-5 years.
Tata Motors, which is also the maker of the world's cheapest car - Nano, bought JLR from Ford Motor Co in 2008 for $2.3 billion, as part of plans to expand its reach beyond Asia.
JLR now accounts a majority of Tata Motors' profits
and revenues and the deal vaulted the Tata group subsidiary from a commercial vehicle and small-car maker into a global player with luxury brands in its range of offerings.
For 2011-12, JLR's profit after tax stood at 1,481 million pounds (over Rs 12,900 crore) against 1,036 million pounds (over Rs 9,020 crore) in FY11, up 42.95 per cent.
Its revenue went up by 36.89 per cent to 13,512 million pounds (over Rs 1,17,800 crore) from 9,871 million pounds (over Rs 86,020 crore) in the previous fiscal.
Earlier in March this year, JLR had said it would invest 3.5 billion yuan (over Rs 2,800 crore then) in its recently-announced joint venture with Chery Automobile in China
to commence local assembly there.
The company is currently investing 355 million pounds in an engine plant in the UK
. It is also planning to set up an engine manufacturing facility in India.
In April 2011, JLR had said it would invest 1.5 billion pounds every year for the next five years, mainly on product development as it looks to catch up with global luxury car makers and position itself as a top premium brand.
JLR had also raised 500 million pound (over Rs 4,000 crore) in March this year through issue of bonds.With inputs from agencies