Jaguar Land Rover: Sales surge as chip supply issues ease
Jaguar Land Rover (JLR) is expecting free cash flow of £800m in the fourth quarter, as sales surged 24 per cent surge boosted by an end to chip and other supply constraints.
The Coventry headquartered car manufacturer said that wholesale volumes for the fourth quarter were 94,649 units – excluding its Chery Jaguar Land Rover China joint venture – up nearly a quarter compared to the same three months a year ago.
The SUV giant also said retail sales in the fourth quarter reached 102,889 units a 30 per cent increase compared to the prior year.
Moreover, for the full year ended 31 March 2023, wholesales, excluding its China venture, were 321,362, up 9 per cent, while retails were down 6 per cent at 354,662.
Ahead of a full publication of its full year results in May, JLR is now expecting to see a free cash flow is estimated to be over £800m in the fourth quarter and over £500m for the full year.
Strong sales figures and the signalling to an end to supply issues which have plagued the motor industry since the pandemic, helped hiked JLR’s share price up 2.49 per cent this morning.