Jaguar Land Rover sees sales fall by 42%

Jaguar Land Rover has released its latest results with sales hit hard by the coronavirus crisis.

The latest quarterly figures are for the three month period from April to the end of June.

In a period which saw several plants closed and the entire automotive industry impacted Jaguar Land Rover’s sold 74,067 vehicles – a 42% fall compared to the same period in 2019.

Losses for the period were £413m against revenues of £2.9 billion.

The car maker’s losses were not far off the 2019 figure for the period, due to the company’s Charge+ cost-saving programme actions.

Some good news for the car maker was that sales picked up through the quarter, with June sales down by 24.9% compared to 2019.

Jaguar Land Rover in Lode Lane
Jaguar Land Rover in Lode Lane

Another welcome aspect was that Jaguar Land Rover’s joint venture with Chery in China broke even during the period.

Jaguar Land Rover said the Covid-19 pandemic “continued to impact the business significantly” between April and June and that the UK  market was “particularly impacted”.

Sales in the UK fell by 70.1% compared to the same period in 2019.

As sales were buoyed as the period progressed Jaguar Land Rover said the recovery in China and North America was “particularly encouraging”.

Sales in China were down 2.5% for the three month period, while in North America they were up 2.2% year-on-year for the month of June.

Following the shutdown of its entire retail network, around 98% of Jaguar Land Rover’s retailers worldwide are now fully or partially open.

In addition all the company’s plants have resumed production, with the exception of the Castle Bromwich factory in Birmingham.

It is set to get up and running again on August 10.

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Business Live – West Midlands