Jaguar Land Rover reports continued growth ahead of shift to EV

The financial recovery at motor manufacturer Jaguar Land Rover has accelerated as the firm posted improved revenue, profits and orders for the three months to 30 June 2023 (Q1 FY24).

The group reported revenues of £6.9 billion, up 57 per cent on Q1 2023. Wholesale volumes of 93,253 were up 30 per cent.

Profit before tax and exceptional items in the quarter was £435 million, up from a loss a year ago and profit of £368 million in Q4 FY23.

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CEO Adrian Mardell said: "I am pleased to report a third consecutive quarter of strengthening financial performance for JLR.

"We have had a strong start to the financial year and delivered our highest production levels in nine quarters and our highest Q1 cashflow on record.

"This is testament to the thousands of determined people in the business working tirelessly to deliver every aspect of our Reimagine strategy.

CFO Richard Molyneux added: "The good financial performance in the quarter reflects the strength of our luxury brands.

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"The record Q1 cashflow of £451 million brings our net debt down to £2.5 billion on our journey to become net cash positive.

"Looking ahead, we aim to deliver continuing improvements in results by executing our Reimagine strategy and generating the cash to invest in our electric future."

JLR aims to move to full electrification by 2023.