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Jaguar Land Rover posts first profit in nearly two years after soaring sales thanks to easing chip shortages
Jaguar Land Rover has posted its first profit in nearly two years, thanks to diminishing chip shortages and booming sales.
In the three months to the end of December, the luxury car maker made a profit of £265 million, up on its loss of £9 million last year. Turnover increased by 28 percent to £6 billion.
Adrian Mardell, interim director, said that “chip shortages have eased” and “manufacturing and wholesale have increased.”
Sales up: Jaguar Land Rover posted a £265m profit in the three months to the end of December, up on its £9m loss last year
Wholesale volumes – cars sold to dealers – reached 80,000 units, the highest since early 2021 and up 15 percent from last year.
Volumes were mainly driven by a strong performance in the North American and European markets, while China lagged due to Covid lockdowns.
The Coventry-based company, owned by Tata, said it had sold 5,000 of its Range Rover SV luxury 4×4 since its launch in October.
The model has an average price of £180,000 and netted £900 million for Jaguar Land Rover.