Jaguar Land Rover revenues rise to £7.5bn as wholesale volumes improve
Jaguar Land Rover revenues rise to £7.5bn as wholesale volumes improve
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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.
