Jaguar Land Rover reports a strong ‘three-months results’
Posted on 20 Nov 2023 and read 270 times
Coventry-based Jaguar Land Rover
(JLR) has continued its strong recent performance with another set of positive results for the second quarter of FY24 (to 30 September 2023), with easing supply constraints allowing more vehicles to be delivered to clients. The revenue for Q2 FY24 was £6.9 billion, up 30% compared with Q2 FY23 but flat compared to Q1 FY24, which was impacted by the planned summer shutdowns.
Revenues for the six months to 30 September were a record £13.8 billion, up 42% from £9.7 billion a year ago, a result of increased volumes and improvements in both mix and pricing. The higher revenue reflected higher wholesales of 96,817 in the quarter and of 190,070 in the first half — both up 29% year-on-year.
JLR’s order book remains strong, with over 168,000 client orders at the end of the last quarter; Range Rover, Range Rover Sport, and Defender accounted for 77% of the order book overall. Moreover, the company says it expects production and wholesale volumes to gradually increase in H2 FY24.
JLR’s CEO Adrian Mardell said: “I am pleased to announce another strong quarter of financial and operational progress for JLR. We have delivered our best-ever cashflow in the first half of this financial year and delivered another profitable quarter due to the strength of our financial performance. These results demonstrate the huge desirability of our modern luxury product portfolio and the skill of our teams who have increased production to ensure we can satisfy the substantial demand for our cars more quickly.”
He went on to say that the investment of £15 billion over five years to transition to JLR’s electric future continues: “This includes more than £1.4 billion over the next five years in JLR’s Halewood plant in Merseyside and Solihull plant in the West Midlands, to produce next-generation electric models.”
The JLR Nitra plant in Slovakia will also build next-generation EVs. Other investments include £250 million in the JLR Future Energy Lab at the Whitley Engineering Centre in Coventry, where the company will develop electric drive units in-house. Among many other developments is our partnering with Wykes Engineering to develop one of UK’s largest second-life battery-energy storage schemes.