Jaguar Land Rover: What’s driving record sales at JLR as profits pass milestone?
Jaguar Land Rover posted its highest quarterly profits since 2017 as its sales hit a new record, it has been revealed.
The automotive giant has reported pre-tax profits of £627m, up from the £265m it reported during the same period in 2022.
JLR also posted a revenue of £7.4bn for its third quarter, up 22 per cent.
For the first nine months of its financial year, Jaguar Land Rover’s revenue stood at £21.1bn – its highest-ever total for that period and up 35 per cent compared to the same three months in 2022.
In a statement, JLR said its higher profits “reflects favourable volumes and reduced chip costs, offset partially by unfavourable fixed marketing, administration and FX revaluation compared to a year ago”.
Chief executive Adrian Mardell said: “We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year.
“Sales of our modern luxury vehicles hit new records in the quarter, and we are excited about the strong client interest for our soon to launch Range Rover Electric.
“I must attribute these results to our talented and dedicated people, who work relentlessly to bring our exceptional modern luxury cars to the market.
“Looking ahead, we are mindful of the challenges the business will face but we are confident that we will continue to successfully deliver our Reimagine Strategy.”
Jaguar Land Rover said it is “on track” to achieve its profitability and cashflow targets
The company, which is headquartered in the West Midlands, said it had enjoyed record Range Rover wholesales during its third quarter.
Chief financial officer Richard Molyneux added: “I am very pleased with our strong financial results this quarter and year to date, with record free cash flow reducing our net debt to £1.6bn.”