Jaguar Land Rover in a strong position after recent financial results

Coventry car maker Jaguar Land Rover (JLR) delivered a resilient performance with an eighth successive profitable financial quarter. Despite temporary aluminium supply constraints, first half profits for the firm increased by 25 per cent year-on-year.

Revenue for the quarter was £6.5 billion, down six per cent versus the end of 2023, while revenue for the first half of the year at £13.7 billion was flat year-on-year. Compared to the prior quarter, revenue was down 11%, reflecting lower wholesales as a result of supply disruptions from a key aluminium supplier restricting production in the quarter as well as a temporary hold placed on 6,029 vehicles to allow for additional quality control checks.

The news comes as JLR embark on a major growth strategy, which they’ve called “re-imagine.” The next stage in Jaguar’s transformation is yet to be revealed at Miami Art Week on December 2 but so far, over 2,900 orders have been taken for recently launched Land Rover Defender OCTA, retailing at £145,000.

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The Defender OCTA is latest iteration of Land Rover’s replacement of its iconic rugged off-roader due for delivery to customers next year. It is the most powerful defender ever made, with a 635bhp 4.4 V8 hybrid capable of 0-60 in 3.8 seconds.

Then there’s the new Range Rover Electric, which continues to generate strong global interest with over 48,000 clients signed up to the waiting list. Meanwhile, 11,000 Range Rover SV and Range Rover Sport SV models sold since launch, including the new Range Rover Sport SV Edition Two, and a collection of five Range Rover Sport SV Celestial models retailing at around £215,000.

Commenting on the performance, Adrian Mardell, Chief Executive Officer, JLR said “JLR has delivered a resilient performance in Q2, resulting in a 25 per cent increase in first half profits year-on-year. Our teams responded brilliantly to the aluminium supply shortages we experienced in the quarter, so we could deliver as many orders as possible to clients.

“We continue to make good progress delivering our Reimagine strategy. We have invested £250m so far to prepare our Halewood UK plant for electric vehicle production and with strong global demand for our products, we are well positioned to deliver on our commitments again this financial year.”