Good news for Jaguar Land Rover: profit has returned in the third quarter. The corona virus hit the group hard, but the revival of the Chinese market in particular contributes to JLR’s positive figures. However, parent company Tata Motors is still making a loss.
Jaguar Land Rover made a converted profit of € 72 million in the past quarter. Total turnover for the same period amounts to € 4.85 billion. Since JLR still made a loss of € 455 million in the second quarter, the black figures are very welcome. With 113,569 cars sold worldwide over the last three months, sales are up 53 percent from the second quarter. Compared to the same period last year, however, JLR shows no growth: worldwide a gap of 12 percent can still be made up. China is also a growth market for JLR, as sales there increased by 3.7 percent compared to 2019.
Parent company Tata Motors is doing much less energetically, with a loss of almost € 35.9 million in the third quarter. Last year, the group also posted red figures in the same quarter, but then that amount was converted to € 24.9 million. JLR is responsible for a large part of Tata Motors’ sales. Despite the modest profit for the luxury brands, there is still a bit more to be done for Tata Motors to recover. However, the group expects demand to continue to recover in the coming months.
The future
Jaguar Land Rover is committed to electrifying the range of models. Of course there is the fully electric I-Pace, but in addition, both Jaguar and Land Rover are rapidly introducing hybrids and mild hybrids. The most recent examples of this are the F-Pace, Velar, Evoque and Discovery Sport PHEVs. The development of the fully electric Land Rover Range Rover and Jaguar XJ has been delayed due to the corona virus. More should be known about these EVs, both of which will be on the new MLA platform, in a relatively short term.