Jan 31, 2022
Jaguar Land Rover narrows losses as production picks up
Jaguar Land Rover expects the chip shortages that have crippled the automotive industry to "Gradually improve" this year after production shortfalls pushed the carmaker to a quarterly loss. Revenues rose from £3.9bn to £4.7bn in the quarter, though are below the £6bn posted in the same quarter a year earlier. Car production was 41 per cent higher last quarter than in the preceding three months, the company said. In the first three quarters of its financial year, the company has lost £421m, compared with a slim profit of £91m in the same period the previous year. The number of pure electric cars it sold last quarter fell from 6 to 3 per cent of its mix, though once hybrid cars that can be plugged in were included, it rose from 12 to 13 per cent.
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