May 23, 2018

Jaguar Land Rover profits skid on falling diesel demand

Jaguar Land Rover profits halved as a slide in the demand for diesel cars and higher spending costs ate into the margins of Britain's biggest carmaker. "Sales have reached a new high. Strong demand in our key overseas markets has offset the challenging conditions in the UK and other parts of Europe." The company, which is heavily reliant on diesel sales in UK and Europe, has been hit by the political backlash against the fuel that has seen some cities consider banning older diesel engines and governments increase taxes. In the UK, diesel sales currently account for less than a third of new car sales, compared with more than half four years ago, and new taxes that came into force last month are expected to accelerate the decline. While demand in China rose by a fifth, and North American sales climbed 4.7 per cent, domestic sales fell 12.8 per cent while Europe dropped 5.3 per cent.

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