Jaguar Land Rover Suffered Losses Last Quarter But Received A £500 Million UK Loan
by AutoExpert | 4 February, 2022
Jaguar Land Rover has just disclosed its financial statements for the final three months of 2021, exposing the full extent of how the semiconductor shortage damaged the company. Jaguar Land Rover sold 80,126 automobiles during the quarter, a 37.6% decrease from the same period in the financial year 2021. Despite this, wholesales to dealers increased by 8% to 69,182 units over the previous quarter.
The financial data also shows that Jaguar Land Rover's electrified retail sales mix climbed from 53% last year to 69%. Jaguar Land Rover also finished the financial year 2021 with 155,000 orders, 30,000 of which were for the new Range Rover.
The British carmaker ended the year with £4.7 billion ($6.3 billion) in sales for the quarter, up 22% from the February-March financial year's second quarter. Jaguar Land Rover declared a £9 million ($12 million) deficit before tax for the quarter, bringing free cash flow to £164 million ($221 million). It had revenue of £439 million ($593 million) in the same quarter the previous year.
Jaguar Land Rover completed the quarter with £4.5 billion ($6 billion) in cash and short-term investments. This occurred after it received a £500 million ($670 million) state-backed loan from the UK's Export Development Guarantee program to help it transition to electric vehicles.
Jaguar Land Rover CEO Thierry Bolloré said in a statement: "Whilst semiconductor supplies have continued to constrain sales this quarter, we continue to see very strong demand for our products, underlining the desirability of our vehicles." He went on to say that, "we continue to execute our Reimagine strategy to realize the full potential of the business and create the next generation of the most desirable luxury vehicles for the most discerning of customers."
