Don’t worry about pulling up the conversion calculator; £370 million comes out to a whopping $589,600,091.79. An extraordinary amount of money to invest in the future of your brand, but this is a good sign—a sign that Jaguar Land Rover is doing quite well, and plans to continue fulfilling their role as the UK’s leading premium carmaker.
The new fourth-gen Range Rover is set to go on sale this month, following a three-year long engineering project that supported 1000 jobs in design, product development and manufacturing for the company.
To solidify this investment and assure you of a bright future, Dr. Ralf Speth, Jaguar Land Rover Chief Executive Officer said, “This outstanding new Range Rover symbolises our commitment to investing in Britain and exporting around the world, delivering class-leading performance, agility, quality and luxury in a model that enjoys iconic status in almost every market. As the UK’s leading automotive investor in R&D we are proud of the work that has gone into developing the new technologies and innovations to make the new Range Rover possible. Through a £370m investment in our manufacturing facilities we have been able to build the world’s first SUV with lightweight all-aluminum construction, a car that is 20% lighter, with fuel consumption and carbon dioxide emissions reduced by 22%.”
So where is the money going? For starters, a new aluminum body shop has been installed for the new Range Rover at the company’s Solihull plant, following upgrades to paint-applications technologies, trim assembly, warehousing and Jaguar Land Rover’s first customer handover center.
This new Range leads the pack in a new model release from Jaguar Land Rover, which will have the Jaguar XF Sportbrake and new F-Type sports car following shortly. “Jaguar Land Rover is firing on all cylinders, generating export revenues of close to £8 billion a year as we meet demand for a model-range that justifies continued expansion in our UK facilities and elsewhere,” added Dr Speth.
With the Range Rover being delivered to customers in early 2013, the hard work from factory employees—more than 6800—is finally coming to fruition. But overall, the money being tossed around by the company and the amount of jobs it has provided are nothing short of staggering.
The company is spending in excess of £1.3 billion with suppliers around the world, with £800 million of that in the UK alone, supporting an estimated total of 190,000 jobs in the UK supply chain.
John Edwards, Land Rover Global Brand Director said, “Land Rover is a brand with momentum, we have ambitious plans for our future and we are broadening our footprint.
Land Rover has seen 12 months of continuous sales increase, up in every region, up 40% in total. Our objective at Land Rover is to be the world’s SUV brand of choice for today and tomorrow, a car for all reasons, fit for every purpose.”
Stay tuned for a full spec list and pricing breakdown of the new Range Rover just before the Paris International Auto show later this month.