Car giant JLR has reported its eighth successive profitable quarter despite a “temporary aluminium supply constraint” that hit production and profit levels.
The Jaguar and Land Rover owner reported revenues for the three months to September 30 of £6.5 billion, down 5.6% year on year. Revenue for the half year was flat, at £13.7 billion.
JLR said Q2 profit before tax and exceptional items (PBT) was £398 million, down 10% year on year. Overall first half profits rose by 25% year-on-year to £1.1 billion.
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The company said the aluminium supply issues hit its Q2 figures, but said production and wholesale volumes “are expected to recover strongly in the second half of the year”. Full year guidance for revenue remains unchanged at circa £30bn.
The Warwickshire-based group also said its Reimagine electric vehicle transformation was continuing at pace.
More than £250 million has so far been invested at its Halewood site in Merseyside to adapt it for electric vehicle manufacturing, with JLR planning a total £500m investment at the site. Work has already included “several kilometres” of new EV production lines and automated robots.
Also at Halewood, the company is installing renewable energy equipment to help remove 40,000 tonnes of CO2 emissions. It will be reusing £16 million worth of equipment from JLR’s Castle Bromwich site.
JLR’s Wolverhampton Electric Propulsion Manufacturing Centre is now producing new V8 engines to offer Range Rover and Range Rover Sport clients the full range of internal combustion engine, plug-in hybrid and battery electric vehicle powertrains in line with client demand.
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JLR says 2,900 orders have been taken for its recently launched Defender OCTA, retailing at £145,000. It says the new Range Rover Electric “continues to generate strong global interest” with over 48,000 clients signed up to its waiting list.
This year JLR launched a bespoke exclusive Range Rover for the Indian market, the tiger-inspired Ranthambore Edition. All 12 units, each with a “bespoke deep black body colour with a rich red shimmering effect” sold at £455,000
The company also teased that the next stage in Jaguar’s transformation would be revealed at Miami Art Week on December 2.
Adrian Mardell, chief executive officer at JLR, said: “JLR has delivered a resilient performance in Q2, resulting in a 25 per cent increase in first half profits year-on-year.
“Our teams responded brilliantly to the aluminium supply shortages we experienced in the quarter, so we could deliver as many orders as possible to clients.
“We continue to make good progress delivering our Reimagine strategy. We have invested £250m so far to prepare our Halewood 海角视频 plant for electric vehicle production and with strong global demand for our products, we are well positioned to deliver on our commitments again this financial year.”
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