7:30 am, May 11, 2024
Bosses at JLR say the company is enterring an ‘exciting’ new phase after it recorded its highest ever annual sales figures.
The West Midlands-based outfit is celebrating today after posting a record-breaking set of accounts for the 12 months ending March 31, 2024.
The firm benefited from a boom in demand for luxury vehicles to record revenues totalling £29bn in its most recent financial year – a rise of more than 25% on the previous year
The impressive figure was largely driven by record sales of its Range Rover vehicles, including the new Range Rover Electric, which has a waiting list of 28,700 people.
Overall, around 133,000 vehicles had been ordered at the end of the financial year, three quarters of which were for Range Rover, Range Rover Sport and Land Rover Defender models.
The group’s pre-tax profit also hit £2.2bn – the highest amount since 2015.
Earnings were boosted by higher sales volumes as well as a reduction in material costs for the business, amid a wider easing of inflation across the UK.
The manufacturer also revealed that it created around 950 new electrification jobs as it steps up its EV production.
Meanwhile, Tata, the parent company of JLR, confirmed in February it was building a £4bn battery factory in Bridgewater in Somerset.
That project is set to create thousands of jobs in the region and boost the number of electric cars being built in the UK.
JLR also revealed it sold 20 versions of a bespoke version of its Range Rover SV, only available in the Middle East, for around £330,000 each.
Commenting on the results, Adrian Mardell, the group’s chief executive, said: ‘We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.’
