New Jaguar Land Rover models will bring it back to successOctober 30, 2020
Jaguar Land Rover posted profits for the first time in 2020 despite the global pandemic.
Jaguar Land Rover suffered severe financial losses last year due to falling sales in China. And then there was a global pandemic. Despite this, Jaguar Land Rover is getting better. Earlier this month, Jaguar Land Rover announced that its global sales increased 53.3% in the first fiscal quarter (April-June 2020), with 113,569 vehicles sold since factory and most dealerships opened.
The automaker has now released its financial results for the three months ended September 30, 2020. Total revenues in the second fiscal quarter were 4.4 billion pounds (5.6 billion dollars), up 52.2% from the first fiscal quarter, but 28.5% less than the same period last year …
Jaguar Land Rover also posted a pre-tax profit of £ 65 million ($ 84 million), compared with a loss of £ 413 million ($ 534 million) in the previous quarter this year. However, this is still lower than the results for the second quarter of last year, when the company recorded profit before tax of £ 156 million ($ 201 million).
Jaguar Land Rover’s return to profit was driven by “a rebound in sales, higher project costs + cost savings and favorable currency impacts.” The manufacturer saved £ 0.6 billion ($ 775 million) through its Project Charge + transformation program. As a result, Jaguar is confident to save £ 2.5 billion ($ 3.2 billion) for the full year ended March 31, 2021.
The automaker also expects sales to improve further with the upcoming release of the Land Rover Defender and updated versions of the Range Rover Velar and Jaguar F-Pace, E-Pace, XE and XF. A new plug-in hybrid vehicle and two more models with mild hybrid technology are also expected to debut before the end of the year.
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