Ford Motor Co.'s Land Rover unit plans to spend $3.6 billion over five years to develop and introduce five new models in an effort to increase sales and return to profit, according to a Bloomberg News story by Brian Lysaght.
The new models are part of a plan to increase sales to 275,000 vehicles annually by 2006 from 170,000 currently. Land Rover also wants to post an annual profit in 2003 for the first time in at least five years.
Its newest model, the redesigned Range Rover, goes on sale in early 2002. "We think there are huge opportunities for growth," said Land Rover President Bob Dover in an interview with Bloomberg News.
Land Rover is especially eager to expand in the U.S., where it has only 1 percent of all SUV sales, compared with its 20 percent market sharein Europe.