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JLR Returns To Profit In 3rd Quarter, Demand For Range Rover, Defender, Range Rover Sport Remains Strong
British luxury marque Jaguar Land Rover returns to profit in the third Quarter of 2022 as chip shortages eases.
Jaguar Land Rover reports £265m in profits before tax in the third quarter of 2022, up from a loss of £9 m in the same period in 2021.
Sees strong demand for its vehicles, with a total order book increased to 215,000 client orders as at 31 December 2022.
Demand for new Range Rover, new Range Rover Sport and the new Defender remains strong – represents 74% of the order book.
Tata Motors-owned British luxury marque Jaguar Land Rover said it achieved positive free cash flow and profitability in the third calendar quarter of 2022 as semiconductor supply challenges eased in the quarter.
Thanks to increase in wholesale volumes for more expensive vehicles, the automaker reported £265 million in profits before tax in Q3 of 2022, up from a loss of £9 million in the same period in 2021.
Wholesale volumes were 79,591 units in the period (excluding the Chery Jaguar Land Rover China joint venture), up 15.0% compared to the same quarter a year ago and 5.7% compared to the prior quarter ending 30 September 2022.
Compared to the prior quarter, wholesale volumes in the 3rd quarter were higher in North America (+17%), home market UK (+13%) and Overseas (+10%) and lower in China (-13%) and Europe (-3%).
Jaguar Land Rover said it continues to see strong demand for its vehicles, with a total order book increased to 215,000 client orders as at 31 December 2022, which is up around 10,000 orders from 30 September 2022.
According to the British luxury marque, demand for three most profitable models, the new Range Rover, new Range Rover Sport and the new Defender remains strong and represents 74% of the order book.
The modern luxury Range Rover SV is the fastest ever selling Special Vehicle Operations (SVO) model, with more than 5,000 orders since launch in October 2021 at average pricing above £180,000.
Commenting on the business performance for the quarter, Adrian Mardell, JLR’s Interim Chief Executive Officer, said:
“Jaguar Land Rover has returned to profit as chip shortages eased in the quarter and production and wholesales increased. These improved results are testament to the hard work and dedication of our people across the business who have delivered a further increase in production of our New Range Rover and Range Rover Sport models.
“We remain committed to our Reimagine strategy which will transform JLR into an all-electric modern luxury business, whilst delivering our SBTi climate goals and striving to exceed our clients’ expectations.”
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See Also : Photos : Stretched Land Rover Defender 130