Jaguar Land Rover sinks to a loss after new CEO’s £1.5bn strategy reset
Jaguar Land Rover fell to a £871m full year loss after new chief executive Thierry Bolloré elected to write off £1.5bn by changing the carmaker’s course.
Without the exceptional charges, which the marque had already announced, JLR would have made a full year profit of £660m, the firm said today.
Under the so-called Reimagine strategy, the carmaker will make all of its models available in battery electric firm by 2025.
It will introduce the first all-electric Land Rover model in 2024, the first of six such vehicles to be released over the next five years.
JLR said that it had made a profit of £534m in the final quarter, with sales in the period of 123,483 vehicles, up 12.4 per cent year-on-year.
It said that the recovery in demand for China, which saw sales increase 127 per cent year-on-year, led the way.
But over the full year sales were still down 13.6 per cent at 439,588 vehicles.
Bolloré said: “In my first set of full-year results as CEO of Jaguar Land Rover, I have been encouraged by the company’s resilience and strong recovery during a uniquely challenging year.
“Despite the pandemic, this year has also seen significant positive change culminating in February with the launch of our Reimagine strategy focused on reimagining our iconic British brands for a future of modern luxury by design.”