Jaguar Land Rover swings back into profit
As we went to press with this issue, Jaguar Land Rover announced that sales were up to 80,000 during the third quarter of the year ending December 2022, the highest level since the beginning of the year when the semiconductor shortage first started to become an issue.
This translates to a profit after tax of £261 million, which compares nicely to a loss of £67 million in the same period in the previous year.
Sadly for Jaguar fans though, this performance is largely down to a strong performance by Land Rover products, with 27,000 of those vehicles the new Range Rover and Sport. Indeed, together with the Defender these three models account for 74 per cent of production.
Interestingly, the figures show a 17% growth in wholesale sales in North America and 13% in the UK, but a drop of 13% in China and 3% in Europe.
The Jaguar brand is mentioned only obliquely in the press release accompanying the results, with a footnote promising the new ‘Reimagined’ models slated to enter production from 2025.