7:08 am, August 3, 2024
Jaguar Land Rover (JLR) has posted record quarter one trading results as orders stack up for the new Range Rover Electric.
The British marque reported revenues of £7.3bn for the three months to June 30, 2024 (FY25) – up 5% year-on-year and the firm’s highest first quarter revenue on record.
Profit before tax was £693m, up from £435m in the same period last year, while EBIT margin was 8.9% – up 0.3 percentage points on Q1 FY24.
JLR bosses put the improvements down to ‘favourable volume, mix and material cost improvements’, and offset ‘partially’ by boosted marketing spend.
The results come as the firm says the new Range Rover Electric has generating a waiting list of around 41,000 people, despite Land Rover so far not revealing any details of the battery-powered luxury SUV.
Meanwhile, with Jaguar, JLR says development of the first new model is ‘progressing well’ with camouflaged prototypes now being tested on the road.
Other developments during the quarter include the company investing a further £3bn (taking the total to £18bn) over five years to support the delivery of its ‘Reimagine’ strategy, and JLR and its Chinese partner Chery signing joint venture deal which will see the famous Freelander name being used on a range of EVs in China based on Cherry platforms.
Looking ahead, JLR did warn production in Q2 and Q3 could be impacted by floods – which wiped out a key aluminium supplier’s factory and is likely to affect other brands such as Porsche and BMW – on top of the annual summer plant shutdown.
Commenting on the Q1 results, CEO Adrian Mardell said: ‘Thanks to the hard work and commitment of our people, JLR has delivered an outstanding set of results in the first quarter, with record revenues and an increase in year‑on‑year quarterly profits of nearly 60%.
‘We are making great progress delivering our Reimagine strategy. Our Jaguar TCS Racing Formula E Team, pioneers in electric technology innovation, are winners of this year’s ABB FIA Formula E Team and Manufacturer’s World Championships.
‘We are bringing the lessons learned from this success on the racetrack to our luxury electric vehicles and later this year we will unveil our first next generation luxury electric vehicle, Range Rover Electric, which has more than 41,000 customers on its waiting list.’
