May 23, 2018

Jaguar Land Rover profits fall as sales slow

Jaguar Land Rover has reported a drop in profits after slower sales growth and rising business investment. Annual pre-tax profits fell to £1.5bn from £1.6bn the year before, and fourth quarter profits almost halved from £676m to £364m. Annual sales grew 1.7%, helped by strong demand in China. It blamed a sharp fall in UK sales on "Consumer uncertainty surrounding diesel models, Brexit and vehicle taxation". UK sales dropped 12.8% to 108,759 cars, while European sales also fell. Overall car sales in the year to 31 March increased 1.7% to 614,309 cars compared with the previous year.

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