Yahoo Finance Jaguar Land Rover shrugs off China slump as UK and North America sales surge
Jaguar Land Rover has reported a near quarter rise in full-year sales amid “sustained global demand” and improved production.
The carmaker, a subsidiary of India’s Tata Motors, sold 431,733 vehicles in the 12 months to April, up 22 per cent. Wholesale volumes were up 25 per cent year-on-year at 401,303 units.
It came after a bumper final quarter, which saw demand for Jaguar’s Range Rovers rise 22 per cent to 58,280 units, with Defender sales also up five per cent.
JLR posted its highest quarterly profit since 2017 in February as sales hit record levels. Pre-tax profit came in at £627m, well ahead of a prior year figure of £265m.
The firm has shrugged off weaker demand in China and global supply chain issues caused by a pandemic-induced shortage of semiconductors.
Some 114,000 vehicles were sold in the fourth quarter, up 11 per cent, with strong demand in the UK and North America. Sales in China and Europe fell nine per cent and two per cent respectively.
Over the last decade, JLR has consistently propped up its parent companies’ earnings and makes up around two thirds of its total revenue.
In February, shares in Tata Motors, which is itself a subsidiary of the Tata Group conglomerate led by Natarajan Chandrasekaran, rose eight per cent to an all-time high as sales of JLR’s Range Rover boomed.
After returning to the green for the first time in nearly two years last January, JLR has pledged an investment of £15bn to electrify its fleet.
Demand is some of the highest in the company’s 53-year history, with over 21,000 sign ups to the waiting list for its new Range Rover electric. since opening.
It will report results for the fourth quarter and full financial year ended 31 March 2024 in May 2024.
