Jaguar Land Rover boss Ralf Speth has said the firm’s turnaround programme is firmly on track after it returned to profit in the latest financial quarter.
Hit by falling sales, the British firm posted a £395 million loss between April and June of this year. But it turned that around in the quarter running from July to September, recording a £156m pre-tax profit – a £246m year-on-year improvement.
The improved results were driven by Jaguar Land Rover’s revenues rising to £6.1 billion, an 8.0% year-on-year increase. Although retail sales dipped by 0.7%, the firm boosted its performance in China, where sales grew 24.3%.
The arrival of the new Range Rover Evoque also helped, with sales of that model up 54.6% compared with the same quarter a year ago. Range Rover Sport sales rose 17.5% over the same period.
Jaguar Land Rover has been undergoing a massive £2.5 billion cost-cutting and restructuring programme, named Project Charge, and Speth said the improved results reflected the success of those efforts. The firm has already achieved £2.2bn in efficiency savings and is on track to reach its goals by the end of March 2020. It has also invested in new facilities, such as the recently opened Product Creation Centre.
“Our people have responded very positively to the challenging circumstances over the past year,” said Speth. “The improved performance this quarter reflects their ongoing passion and determination.”
Read more
Jaguar Land Rover posts big loss due to falling sales
Inside Jaguar Land Rover's new technology HQ
Jaguar Land Rover posts £3.4 billion loss in final quarter of 2018
Join the debate
Add your comment
Waste of time
Don't waste your time with Lambo. He joined the Tesla cult, drank the Koolaid and now has nothing but praise for Tesla and nothing but venom for anything else, as if life was that simple. He's so far gone he probably thinks Musk is a nice guy. Lambo is one of those trolls who defaults to being obnoxious because his identity is safely hidden, which speaks volumes for his character. He's so far gone he probably thinks Musk is a nice guy.
Being ignorant is a kindness
Being ignorant is a kindness for you to think that.
I only have venom as you call it for JLR products, very little else.
Blundering from one crisis to another with nothing but jingoism from the ignorant in support of this Indian company is laughable.
But if living in complete denial of what is really happening in the automotive world is a comfort to you
Enjoy your ignorance
As for Musk and my liking for him: I admire his vision and drive and being a person to aspire to in terms of that and also his great intelligence and that i like very much.
But you wouldnt give him credit wheres it's due if it ran over you.
Just an aside to you.
Just an aside to you.
I work in business too and I totally get that Musk must have trodden on many toes to get to where he is.
In my own small way I have also had to be ruthless in my business dealings and if you were in business you could relate to that. That doesn't take away from his achievements, in fact knowing how much hes achieved in his relatively short life is all credit to him.
I have never met him but I would like to have a conversation with the man to investigate his thought processes and how his vision came about.
There are not many people like him, the only person of note that I have really met and conversed with was Bill Gates at a seminar and he is someone I admire equally for his vision, drive and intelligence
lambo58 wrote:
"And I think it's gonna be a long long time
'till touch down brings me round again to find
I'm not the man they think I am at home
Oh no no no I'm a rocket man,
rocket man burning out his fuse up here alone"
And that my dearest limpo is how your hero will end, simply burning out. Burning out of his and his investors cash, burning out faster than a Falcon 9 at launch.
Regardless of who owns JLR they are a British company, a bastion and they will still be around long after your weed smoking Springbok has disappeared up his own backside, from which so many of his ideas flow.
Did I miss something.....
Have jo public suddenly decided that JLR products are the embodiment of high quality and reliability overnight and gone out to buy said products in their droves or what? If they have then nobody told me.
I don't think we're being told the whole story here. According to my calculator to turn minus £395m into plus £156m you need to pluck over half a £billion from somewhere. Ok, the new Evoque looks great, but that's one hell of a financial difference over 3 months. I can only think the mark up on these things is enormous.
You did indeed miss the
Carrilion, BHS, Patisserie Valerie,
Just a thought.