Record Sales Of Flagship Range Rover SV Drives JLR To Profit In 3rd Quarter Of 2023

Record wholesales for Range Rover SV models help drive JLR to £627 million profit for final quarter of 2023.

Wholesale revenues reached £7.4 billion for the three months to 31 December 2023, up +22 percent from a year earlier.

Sales of highest specs £202k Range Rover SV already hit 3,637 year-to-date sales, surpassing 1,909 units sold in FY23.

JLR said its Range Rover Electric has generated strong interest, with over 16,000 customers already signed up to the waiting list.

British carmaker, JLR, formerly known as Jaguar Land Rover, has reported its highest quarterly profit since 2017, which it said was helped by the record sales of its flagship Range Rover SV model.

The company reported wholesale revenues of £7.4 billion for the three months to 31 December 2023 (+22%), which helped it to record a profit before tax (PBT) of £627 million, up from £235m a year earlier.

JLR’s financial year runs from April, unlike other car makers which runs between January and December. The company has so far recorded a PBT of £1.4bn (+35%) in the first nine months of its financial year.

“We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year,” says Adrian Mardell, Chief Executive Officer.

Range-topping Range Rover SV

Sales of highest specs Range Rover SV with average price of £202,000, has already hit 3,637 year-to-date sales, surpassing 1,909 Range Rover SV sold in FY23, according to JLR.

In addition, the company said its upcoming Range Rover Electric has generated a strong interest, with over 16,000 customers already signed up to the waiting list since opening last December.

“Sales of our modern luxury vehicles hit new records in the quarter, and we are excited about the strong client interest for our soon to launch Range Rover Electric.

“Looking ahead, we are mindful of the challenges the business will face but we are confident that we will continue to successfully deliver our Reimagine Strategy.”

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