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PAG's first profit in 2003

Ford's Premier Automotive Group – comprising Land Rover, Jaguar, Aston Martin and Volvo – is reported to have returned a profit for the first time since it was formed in the late 1990s. PAG losses in 2002 were just short of $900million, but media suggest it turned a profit of over $100 million for 2003, partly thanks to the success of the new Volvo XC90, the Range Rover and the new Jaguar XJ.

Jaguar and Land Rover, which form a single sales division in North America, have reported US market sales of 93,690 vehicles for 2003. It was the best year ever for US Range Rover sales, up 41%, and the new XJ put on 22%. The coming year should be good for PAG too, with the new S TYPE going on sale in the summer and Land Rover's image boosted by the Detroit unveling of the Range Stormer sports SUV concept.

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