Race Car Talk

Despite Jaguar unveiling stunning new models such as the new XF and sales of the Range Rover luxury SUV still going strong, the Jaguar-Land Rover duo were still unable to turn a profit for 2008, even coming from a positive start to the year. The lack of profits is being blamed on the global recession stunting growth in the sale of luxury cars, and now for the first time we get a look as to how hard the recession has actually hit the British automakers.

According to a report from the Financial Times, Jaguar-Land Rover lost £673.4 million ($1.1 billion) for the 2008 fiscal year, while for the same period in 2007 it conversely managed to make a profit of £641.5 million ($1.05 billion), resulting in a near 200% downward swing in profit levels.

In the meantime, Jaguar-Land Rover and its Indian owner Tata Motors have applied for a loan from the U.K.

Source: MotorAuthority – Latest News

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