LOS ANGELES -- Jaguar Land Rover is targeting global sales of 750,000 units by the end of the decade, with an eventual target of 1 million units, a top executive said today.
"Reaching 1 million sales will place us with the world's other leading automotive luxury brands," Lindsay Duffield, president of Jaguar Land Rover Canada, said at the TLS Automotive Customer Centricity Summit in Marina del Rey, Calif. "It is ambitious, but rightfully so."
In 2012, Jaguar Land Rover global sales totaled 357,773 vehicles, a 30 percent increase.
"We have caught the attention of others, who may have seen us as a niche brand," Duffield said.
Although Jaguar Land Rover has concentrated on high-priced, low-volume vehicles, its move into relatively lower-priced vehicles such as the Range Rover Evoque has broadened its sales prospects. Also, the introduction of Jaguar all-wheel-drive variants has increased that brand's allure in foul-weather climates.
The automaker has teased that a revival of the X-Type -- although based on a bespoke Jaguar platform rather than borrowing a Ford Mondeo -- could be on the way. Duffield said that parent Tata Motors has invested heavily in product development, with 40 new or redesigned products or variants debuting over the next five years.
However, Duffield said Jaguar Land Rover would resist falling into the near-luxury segment -- vehicles priced below $30,000 such as the BMW i front-wheel-drive cars and the Mercedes-Benz CLA.
Much of Jaguar Land Rover's global growth is happening in emerging markets. From zero sales 10 years ago, China has become Jaguar Land Rover's largest market. Duffield believes that India's gross domestic product will soon eclipse that of China, although how that translates into new-car sales has yet to be determined. Russia and Canada also are experiencing strong growth.
To keep up with the sales pace, Jaguar Land Rover has hired 8,000 people in the past two years and now employs 25,000 people globally.
"We could sell more volume in many markets, but our plants are running 24-7," Duffield said. "We are supply constrained."