Carmaker Jaguar Land Rover reports ‘sustained demand’ for its vehicles as first quarter sales rise following a record year when sales hit £29bn. Tony McDonough reports
Jaguar Land Rover (JLR) is continuing its sales momentum into its new fiscal year as it reports a first quarter rise in the number of vehicles leaving the forecourt.
In May JLR reported record annual revenues of £29n for the 12 months to March 31, 2024 – 27% higher than the previous year. Pre-tax profits were £2.2bn (£661m in the final quarter). This was the highest annual figure since 2015.
Now it has revealed that in the three months to June 30 the business saw wholesale volumes of 97,755 units (excluding the Chery Jaguar Land Rover China JV), up 5% compared to the same quarter a year ago.
Retail sales of 111,180 units in the first quarter (including the Chery Jaguar Land Rover China JV) grew 9% compared to the same quarter a year ago.
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.
Wholesales of Range Rover and Range Rover Sport models increased in the first quarter by 22% and 46% respectively versus the previous year, due to the new body shop increasing production capacity in Solihull, West Midlands.
Overall mix of the most profitable Range Rover, Range Rover Sport and Defender models increased to 68% of total wholesale volumes, as part of the company’s focus on value within its Reimagine strategy.
Compared to the prior year, retail sales in the quarter were up 43% in North America, 14% in the UK and 4% in Europe.
Compared to the previous quarter ended March 31, wholesale volumes and retail sales declined by 11% and 3% respectively, reflecting the cyclical fluctuation in volumes between Q4 and Q1.
In its trading statement JLR said: “The waiting list for the new Range Rover Electric continues to grow, with more than 39,000 clients now signed up.
“The new Defender OCTA was revealed last week with a limited number of prospective clients to be invited to one of seven exclusive events to experience the product.”