JLR Continues to Limit Production of Jaguars

Snapshot

◊ JLR revenue boosted thanks to semiconductor supplies improving.

◊ Pre-tax loss for year was £348m better than it was the year before.

◊ Profit before tax for final quarter was £368m – up from £9m in 2022.

◊ Debt is cut to £3bn.

JLR (formerly Jaguar Land Rover) will continue to prioritise production of its most profitable models until at least mid-2023, maintaining limited output of its saloons while component supply continues to be restricted.

Outlining its full-year sales and earnings figures, JLR hailed the success of the latest Range Rover, Range Rover Sport and Defender as the driver of its vastly improved revenues and reduced losses in 2022, and it confirmed that the trio account for more than three-quarters of its 200,000 unfulfilled customer orders. This backlog, together with their higher profitability compared with other cars in the line-up, means production of the top-rung cars continues to be the priority while semiconductor supply remains constrained; and full-scale production of the Jaguar XE, Jaguar XF, will not return for several months.

Interim CEO Adrian Mardell said: ‘Demand for our exceptional modern luxury vehicles remains strong, and with a pipeline of ultra-desirable electrified models on the horizon, I am excited and confident for our future.’ .

Editor: Information for this story sourced from CarDealer and Autocar.