Feb 7, 2019
Jaguar Land Rover posts £3.4bn loss as China demand slips
Jaguar Land Rover booked a loss for the last three months of 2018 as sales collapsed in China. Sales for the quarter were £6.2bn, down from £6.3bn a year earlier. Jaguar chief executive Ralf Speth said: "Jaguar Land Rover reported strong third-quarter sales in the UK and North America, but our overall performance continued to be impacted by challenging market conditions in China." Excluding the write-down, which affects its balance sheet but has no effect on cash, the company posted a loss of £273m. Much of the firm's model range is currently diesel-powered, while diesel sales in Europe have been falling. Jaguar Land Rover, which is owned by India's Tata Motors, has embarked on a major restructuring programme to prepare for the future and boost profitability.
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