Jaguar Land Rover (JLR) has reported a 17% drop in quarterly profit, down to £523m in the final three months of last year, even as the automotive group achieved its best third-quarter revenue on record. The company’s sales for the period rose 2% year-on-year to £7.5bn.
However, over the first nine months of its financial year, total revenue remained flat at £21.2bn.
Despite the quarterly decline, JLR said year-to-date profits have increased 7% to £1.6bn, which it described as its strongest performance at this stage of the year in a decade. The results follow the high-profile launch of JLR’s “fearlessly creative” Type 00 electric vehicle in December—an unveiling that attracted global attention.
Meanwhile, the waiting list for JLR’s first fully electric Range Rover has reached 57,000 orders. The SUV is slated to hit the market later this year. JLR chief executive Adrian Mardell noted that the company had delivered “record third-quarter revenue” and the best profit margins seen in a decade. He emphasised that despite a “challenging economic backdrop,” the firm is on course to meet its profitability and cash-flow objectives for the year.
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Jaguar land rover sees profits dip by 17% despite record quarterly revenue