Currently reading: Jaguar Land Rover profits grow despite UK sales decrease

Global quarterly sales were up 3.5% on last year, but UK sales fell by 14%

Jaguar Land Rover (JLR) sales continued to grow in the first quarter of 2017, totalling 137,463 units worldwide, which is 3.5% up on the same period of 2016.

Demand grew by 30% in China, helped by the success of the market-specific Jaguar XFL, which boosted XF sales by 22%. North American sales were the second most improved, with numbers up by 16%.

UK sales dropped by 14%, likely impacted by recent changes in Vehicle Excise Duty (VED) rates, which substantially increased rates due on cars costing more than £40,000. This sales decrease prevented an improvement on European sales compared with the first quarter of 2016. 

Despite this, Coventry-based JLR’s first quarter revenue was up by 5% to £5.6 billion, with pre-tax profits totalling £595 million. Of this, £437m came from changes to the company’s pension plans, but JLR says that gain was offset by “the seasonality of sales in Q1 following a strong Q4 of 2016”, as well as launch and investment costs.

JLR CEO Ralf Speth said: "In challenging market conditions, we are continuing to plan for profitable, sustainable growth. Our teams have been hard at work creating world-class cars in an unprecedented level of launch activity for Jaguar Land Rover.”

JLR is planning on investing £4bn on new products, research and development and manufacturing in the coming years. It will launch the Jaguar I-Pace next year and is soon to open a new factory in Slovakia.

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Broughster 10 August 2017

Oh Autocar not again!

This is an incrediblty misleading headline. JLR's quarterly pre tax profit actually fell from £348m to £157m when you strip out the change of accounting treatment on the pension and other one off items. It is a heck of shame when Sky have more accurate headlines and numbers than Autocar:

Profit before tax and one-off items was £157m, down from £348m the previous year, mainly due to higher costs and pay increases.

Broughster 10 August 2017

Oh Autocar not again!

This is an incrediblty misleading headline. JLR's quarterly pre tax profit actually fell from £348m to £157m when you strip out the change of accounting treatment on the pension and other one off items. It is a heck of shame when Sky have more accurate headlines and numbers than Autocar:

Profit before tax and one-off items was £157m, down from £348m the previous year, mainly due to higher costs and pay increases.

hulahoop 10 August 2017

Disco rear

probably more likely the awful new Disco rear end is putting off buyers!