Jaguar Land Rover has reported its highest quarterly profit since 2017 as demand for electric Range Rovers grows and it continues investing in factories in the West Midlands and Merseyside.
The automotive giant reported revenue of £7.4 billion for the three months to December 31. That drove a profit before tax and exceptional items of £627 million - the highest quarterly figure since the fourth quarter of 2017.
Total revenue for the nine months of the year to date stood at £21.1 billion - another record for JLR - with a profit of £1.5 billion.
Range Rover wholesales were at record levels. The company said the Range Rover Electric was generating “strong interest”, with more than 16,000 signups to the waiting list.
Meanwhile, sales of the luxury Range Rover SV, with an average price of £202,000, have soared. Some 3,637 have been sold so far this year already surpassing the 1,909 figure for the whole of the last financial year.
JLR says Range Rover Electric prototypes are already being tested on the road while prototypes for Jaguar vehicles and other “electric medium size SUVs” are also in development.
The group, headquartered in Whitley near Coventry, is investing £60 million in a new electric vehicle production line in Solihull and is also investing in electric drive unit manufacturing in Wolverhampton as part of its global Reimagine strategy for electrification.
Meanwhile, the group has announced massive investment plans and said today that a new body shop at the site for electric vehicles was nearing completion.
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Chief executive Adrian Mardell said: "We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest-ever revenue for the first nine months of a financial year.
“Sales of our modern luxury vehicles hit new records in the quarter and we are excited about the strong client interest for our soon-to-launch Range Rover Electric.
“I must attribute these results to our talented and dedicated people who work relentlessly to bring our exceptional modern luxury cars to the market.
“Looking ahead, we are mindful of the challenges the business will face but we are confident that we will continue to successfully deliver our Reimagine Strategy.”
Chief financial officer Richard Molyneux added: "I am very pleased with our strong financial results this quarter and year to date, with record free cash flow reducing our net debt to £1.6 billion."