Luxury car manufacturer Jaguar Land Rover saw sales rise 11 percent in October, 11 percent higher than the same period of the previous year.
The group sold a total of 46,325 vehicles last month, noting a 39 percent sales growth in China, 25 percent in Europe and a smaller eight percent individually in both the United Kingdom and Northern America. Despite strong sales in these markets, revenue in other overseas markets fell by 22 percent.
The promising revenue performance was particularly evident in sales of popular models such as the Land Rover Discovery Sport, Range Rover Evoque, Jaguar XF, which also coincided with the introduction of the Jaguar F-PACE onto the market.
Despite the strong figures, Jaguar announced it was withdrawing its interest from the purchasing or leasing deal of the Silverstone racing track. A spokesperson commented on the development:
“Jaguar Land Rover has ended discussions with the British Racing Drivers’ Club for the foreseeable future and is not proceeding with any plans to either lease or purchase Silverstone at this time”.
The negotiation talks had been underway since April of this year, with JLR envisaging the tracks becoming “a heritage site” to display the manufacturers premium luxury vehicles. It was initially thought that JLR were potentially securing a deal worth £33 million with the British motor racing institution, in return for a 249-year lease on the track.
Silverstone is owned by the British Racing Drivers Club (BRDC), a group consisting of 850 shareholders. In the five years to 2015, BRDC made reported losses of £55.9 million.
Circuit owner British Racing Drivers’ Club (BRDC) declined to comment on the latest development which will no doubt prove a concern for the struggling group.
Conversely, shares in the owner of JLR Tata Motors Limited (NYSE:TTM) were up 2.56 percent as of Monday morning.