Jaguar Land Rover reveals £264m loss

Jaguar I-Pace

The chief executive of Jaguar Land Rover said the manufacturer will be “taking the necessary steps” in response to recording a quarterly pre-tax loss of £264m.

The figures, for the three months to June, were down £859m on a year earlier, albeit last year’s numbers benefitted from a £437m one-off boost on paper due to technicalities around pension liabilities.

JLR blamed the impact of a planned reduction in duty in China – which delayed purchases there until after the July 1 change – and dealers reducing stock during the period.

It said it continued to be “impacted negatively” by Brexit and uncertainty over diesel vehicles in the UK and Europe.

Dr Ralf Speth, chief executive of Jaguar Land Rover, said: “Given these issues, we will remain focused on driving growth and simultaneously reducing costs and boosting operational efficiency and capability, taking the necessary steps to shape our future.

“We expect sales and financial results to improve over the remainder of the financial year, driven by continued ramp-up of new models, most recently the electric Jaguar I-PACE, and with the new lower duties effective in China.”

Despite the setbacks, he continues to be positive about the car giant’s prospects.

Speth added: “Given the success of recently introduced models such as the Jaguar E-PACE and the Range Rover Velar, along with our huge investment commitment in electrified technologies, we remain confident to deliver sustainable profitable growth.”

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