JLR delivers improved first quarter sales figures

New Defender OCTA

Luxury car maker, Jaguar Land Rover, has begun its new financial year with better first quarter sales, compared with the same period last year.

The Indian-owned manufacturer, which has production plants at Halewood in Merseyside and Solihull and Castle Bromwich in the West Midlands, reported its figures for the three months to June 30, 2024, which were better than the same period a year ago, it said, reflecting sustained demand for its vehicles.

Wholesale volumes of 97,755 units in the first quarter of financial year 2025 – excluding the Chery Jaguar Land Rover China joint venture – were up five per cent compared with the same quarter a year ago, while retail sales of 111,180 units in the first quarter – including the Chery Jaguar Land Rover China JV – grew nine per cent compared with the same quarter a year ago.

Wholesale sales are the finished cars JLR sells as a business, as opposed to retails which are vehicles customers buy from retailers.

Wholesales of Range Rover and Range Rover Sport models increased in the first quarter by 22% and 46%, respectively, versus the previous year, due to the new body shop increasing production capacity in Solihull.

The overall mix of the most profitable Range Rover, Range Rover Sport and Defender models increased to 68% of total wholesale volumes, as part of the company’s focus on value within its Reimagine strategy.

Compared with the prior year, retail sales in the quarter were up 43% in North America, 14% in the UK and four per cent in Europe.

Compared with the previous quarter, ended March 31, 2024, wholesale volumes and retail sales declined by 11% and three per cent, respectively, reflecting the cyclical fluctuation in volumes between Q4 and Q1.

The waiting list for the new Range Rover Electric continues to grow, with more than 39,000 clients now signed up.

The new Defender OCTA was revealed last week with a limited number of prospective clients to be invited to one of seven exclusive events to experience the product.

JLR will report full financial results for Q1 FY25 at the end of July/beginning of August.

In May, JLR unveiled a record year for 2024 which saw it rack up annual revenues of £29bn, a 27% improvement on the previous year, as well as record fourth quarter sales of £7.9bn, respectively.

The car maker achieved a £2.2bn pre-tax profit, its highest since 2015, in the year to March 31, 2024.

Free cash flow hit £892m for the fourth quarter, and a record £2.3bn for the full year, while net debt was reduced to £700m.