Jaguar Land Rover posts first profit in nearly two years as sales boom thanks to easing chip shortages
Jaguar Land Rover has posted its first profit in nearly two years – thanks to easing chip shortages and booming sales.
In the three months to the end of December, the luxury car maker made £265million profit, up from last year’s £9million loss. Revenue rose 28 per cent to £6billion.
Adrian Mardell, interim chief executive, said that ‘chip shortages eased’ and ‘production and wholesales increased’.
Sales up: Jaguar Land Rover made £265m profit In the three months to the end of December, up from last year’s £9m loss
Wholesale volumes – cars sold to dealerships – hit 80,000 units, the highest since early 2021 and 15 per cent more than last year.
The volumes were mainly driven by strong performances in the North American and European markets, while China lagged behind due to Covid lockdowns.
The Tata-owned firm, based in Coventry, said it had sold 5,000 of its Range Rover SV luxury 4×4 since it launched in October.
The model has an average price of £180,000 and netted £900million for Jaguar Land Rover.