Jaguar Land Rover has said it made £29billion in revenues over the year to the end of March, more than a quarter higher than the previous year, as it posted its biggest profit in nearly a decade
Jaguar Land Rover (JLR) has reported record-breaking sales and its largest profit in nearly a decade, brushing off any concerns about budget-conscious consumers cutting back on spending.
The luxury carmaker announced that it generated £29billion in revenues in the year ending March, marking a more than 25% increase from the previous year. This surge was primarily driven by unprecedented sales of its Range Rover vehicles, with the pricier models starting at around £100,000.
By the end of the financial year, approximately 133,000 vehicles had been ordered, three-quarters of which were for Range Rover, Range Rover Sport and Defender models. JLR’s pre-tax profit reached £2.2billion, the highest since 2015.
The company’s earnings were bolstered by increased sales volumes and a decrease in material costs, amid a broader easing of inflation across the UK. Its new electric Range Rover model has sparked considerable interest, with roughly 28,700 individuals joining the waiting list since its launch in December.
Despite being one of the few major car companies without an electric vehicle offering, this will change when JLR begins rolling out its new models, manufactured in Solihull in the West Midlands. The carmaker revealed that about 950 electrification jobs were created over the past year.
Tata Motors, the parent company of Jaguar Land Rover (JLR), has confirmed that £4billion battery factory is set to be constructed in Bridgewater, Somerset, as of February. This investment is expected to generate thousands of jobs for locals and significantly ramp up the production of electric vehicles in the UK.
JLR has also sold 20 bespoke versions of its Range Rover SV, exclusively available in the Middle East, fetching £330,000 apiece. 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.”
