Jaguar Land Rover roars to profit as Bolloré era kicks off in style
Jaguar Land Rover today saw profit jump to £439m in its first full quarter under new boss Thierry Bolloré.
The high-end carmaker said that profit was up £121m on the same period last year, while revenue increased £1.6bn to £6bn.
JLR reported that it sold 128,469 vehicles in the quarter, up 13.1 per cent on the previous period, as it continued its recovery from the coronavirus.
A boom in sales in China, where sales jumped 19 per cent on a year-on-year basis, was chiefly responsible for the rise.
Sales of the new Land Rover Defender grew to 16,286 units, a 66 per cent increase on the prior quarter.
Despite the ongoing lockdowns, JLR said that measures such as click-and-collect meant that sales would continue.
It added that it expected generate strong profit margin growth in the fourth quarter.
Bolloré said: “I am encouraged by the improved financial performance in this first full quarter as CEO of Jaguar Land Rover.
“Looking ahead, these challenges continue, including the Covid pandemic and its impact on the global economy, the UK’s new trading relationship with the EU and the significant technological changes taking place in the automotive industry.”
He added that he was working on a new business plan for JLR, which he said he would share in due course.