Carmaker Jaguar Land Rover says annual sales are up more than 20% amid a ramp-up in production and ‘sustained global demand’. Tony McDonough reports
Sustained global demand has driven Jaguar Land Rover sales 20% higher in the year to March 31.
In a trading update issued on Tuesday ahead of its full-year financial results, JLR said it had seen wholesale volumes of 401,303 and retail sales of 431,733, up 25% and 22% respectively.
JLR operates the Halewood factory in Merseyside where more than 3,500 workers assemble the Range Rover, Evoque and the Land Rover Discovery Sport. It has pledged a £15bn investment to create a new generation of electric vehicles.
In the final quarter of its fiscal year the automaker saw wholesale volumes of 110,190 units (excluding the Chery Jaguar Land Rover China JV), up 16% compared to the same quarter a year ago and up 9% compared to the previous quarter.
By brand, compared to the prior year, wholesale volumes increased in the quarter for Range Rover (up 22% to 58,280 units), Defender (up 5% to 28,702 units), Jaguar (up 39% to 13,528 units) and Discovery (up 1% to 9,680 units).
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Retail sales for the fourth quarter were 114,038 units (including the Chery Jaguar Land Rover China JV), up 11% compared to the same quarter a year ago and up 4% compared to the previous quarter.
Compared to the prior year, retail sales in the quarter were up 32% in the UK, 21% in North America, and 16% Overseas. Compared to the prior year, retail sales in China were down 9% and down 2% in Europe for the quarter.
JLR will report results for the fourth quarter and full financial year ended March 31, 2024, in May 2024.