Jaguar Land Rover reports continued growth ahead of shift to EV

Published by

Peter Davison

The production line at Jaguar Land Rover

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.

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.

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.