Jul 25, 2019

Jaguar Land Rover swings back into the red as sales fall

Jaguar Land Rover has vowed to return to profit this year on the back of cost-cutting and new model launches, after swinging back into the red during the last quarter following falling sales in major markets. Sales last quarter fell 12 per cent to 129,000, in part because of factory downtime the company booked in anticipation of Britain leaving the EU in April, while revenues slipped 2.8 per cent to £5.1bn. Britain's largest carmaker has also been hurt by the global trade war, competition between its own models, and the public rejection of the diesel fuel that powers 90 per cent of the cars it sells in the UK and Europe. "Jaguar Land Rover is in a period of major transformation. We are simplifying our business, delivering on our product strategy and adapting to the tough market environment." It hopes the relaunch of two of its best-selling models - the Range Rover Evoque and the Land Rover Discovery Sport - as well as the revamped Jaguar XE saloon will drive profits in the coming year. The business has in part been hampered by conflicts among its models, with several competing for the same customers, something that is likely to be exacerbated when the company relaunches the Land Rover Defender, the reimagining of its iconic WW2-era off-roader.

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