- Jaguar Land Rover is the biggest automotive manufacturer in the UK
- The luxury carmaker’s parent company is Indian conglomerate Tata
Jaguar Land Rover achieved its strongest third-quarter turnover result on record after enjoying improved wholesale volumes.
The luxury vehicle maker, whose parent company is Indian conglomerate Tata, said revenues increased by 2 per cent year-on-year in the three months ending December to £7.5billion.
Turnover was also 16 per cent up on the prior quarter, when the business was hit by lower wholesales due to flooding at a supplier’s factory in Switzerland causing an aluminium shortage.
JLR’s profits before tax and exceptional items still declined by about 17 per cent year-on-year to £523million.
However, they were still 9 per cent up at £1.6billion over the first nine months of the financial year, the best year-to-date performance in a decade.
The Coventry-based group, which is the biggest automotive manufacturer in the UK, said the figure reflected rising wholesale volumes.
It also credited the higher profits to lower depreciation and amortisation as a result of mass car production ceasing at a major factory and end-of-life extensions for its internal combustion engine vehicles.
Growth: Jaguar Land Rover achieved its strongest third-quarter turnover result on record
JLR announced four years ago that mass car manufacturing at its Castle Bromwich plant in Birmingham would end before 2025 as part of a transition towards solely making electric vehicles.
The business unveiled plans on Monday to invest £41million in expanding bespoke paint services at the site to help cater to growing interest in personalised vehicles among wealthy customers.
It has already promised to spend £500million on transforming its Halewood plant in Merseyside, where it makes the Range Rover Evoque and Discovery Sport, to produce EVs.
The investment forms part of JLR’s ‘Reimagine’ strategy to electrify all its brands by 2030 and become a carbon net zero company by 2039.
JLR noted Range Rover plug-in electric hybrid sales soared by 163 per cent year-on-year in the third quarter, while the waiting list for its upcoming Range Rover Electric SUV stood at 57,000.
Adrian Mardell, chief executive of JLR, said the company had ‘delivered a robust performance’.
He added: ‘Thanks to our people and partners, we achieved record Q3 revenue and our best EBIT margin in a decade, and our electrification plans are progressing.’
JLR scored £2.2billion in profits for the 12 months ending March 2024 after its sales climbed by more than £6billion to £29billion.
Demand was driven by orders for its Range Rover Sport and Land Rover Defender models, with the latter making up over a quarter of all sales.
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