It’s time to take stock Jaguar Land Rover. The British group has in fact communicated the financial results for the quarter and for the entire fiscal year to 31 March 2024. And the numbers seem to demonstrate how in fact the strategy implemented by JLR is proving to be successful: record revenues both in the quarter which in the fiscal year, respectively of 7.9 billion pounds and 29 billion pounds, with a profit before taxes and extraordinary items of 661 million pounds in the quarter and 2.2 billion pounds in the year, the highest since fiscal 2015.
Record revenues for Jaguar Land Rover
Clearly, an important contribution in this sense has been provided by the different JLR models. Wholesale and retail records, for example, of Range Rover both in the quarter and the fiscal year, good responses also from Range Rover Electric which has generated strong interest with over 28,700 waiting list entries since December last year, while demand for the Range Rover SV has more than doubled with 4,099 units in fiscal 2024, including the sale of 20 Range Rover SV Bespoke Sadaf editions which sold out at around £330,000 each. In the future a helping hand will certainly also be offered by the new one Defender OCTAwhich will be revealed on July 3.
Electrification and digitalisation
All this while JLR carries out its strategies hand in hand electrification and digitalisation of all its operations. In this sense, the installation of the new battery transport system in Solihull, UK, for Range Rover Electric is nearing completion and the new Range Rover body shop is fully operational. At the same time, development of the EMA electric platform manufacturing plant in Halewood, UK, is progressing, with the addition of 300 robots and new assembly lines installed in the new body shop. Furthermore, the British group has announced investments for £356 million in the Electric Propulsion Manufacturing Center in Wolverhampton: the aim is to install equipment for the production of battery packs and electric drive units.
Future in Modern Luxury
“This has been a year of great strategic progress at JLR and I would like to thank our customers, our staff, our suppliers and partners for their role in our success. We recorded one record financial performance for the business, generating cash flow of £2.3 billion, enabling us to reduce net debt to £0.7 billion – commented Adrian Mardell, Chief Executive Officer JLR – The basis for this performance has been strong global demand for our modern luxury vehicles, driven by our Range Rover and Defender brands and supported by a constant focus on operational improvement. We are entering the next exciting phase of our Reimagine strategywhich will always see us bring our modern luxury vehicles to life and offer an exclusive experience to our customers, ensuring we continue to tackle the challenges we have encountered with gusto in 2024.”
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