Credit News – Jaguar Land Rover

Credit News – Jaguar Land Rover

Results for Q3 FY 2019

Jaguar Land Rover Automotive plc, wholly owned by India based Tata Motors, is the UK’s largest vehicle manufacturer and has reported financial results for the three-month period ending 31 December 2018.

The car maker announced retail unit sales of 144’602 vehicles for the quarter compared with 154’447 units a year ago, representing a 6.3% decline. The company cited “continued challenging conditions in China” as the main reason for the decline, as the group car sales in China fell by 47%, but also noted encouraging growth in North America and the UK.

JLR results were also impacted by the GBP 3.1bln write down of its plants. Resulting in a pre-tax loss of GBP 3.4bln, making it its third consecutive lossmaking quarter.

Flagging demand come at a time where the car maker already has a plan to achieve GBP 2.5bln of investment, working capital and profit improvements by March 2020, The company announced in January that it would reduce its global workforce by 4,500.

Europe and the UK together represent JLR’s main market………..


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