Jaguar Land Rover reports record revenue figures ahead of all-electric roll out
Midlands car-maker Jaguar Land Rover has reported record third quarter revenue figures as the firm's electrification plans gather pace.
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For the three months to December 2024, revenue for the quarter was £7.5 billion, which is up 2% year-on-year and Jaguar Land Rover’s(JLR) highest Quarter 3 revenue on record, while year-to-date revenue for the year remained flat at £21.2 billion.
Compared to the prior quarter, revenue was up 16%, which the company says was driven by higher wholesales following supply chain disruptions in the second quarter of the year.
The firm's profit before tax and was £523 million, while year to date profit was £1.6 billion, representing the highest Q3 year-to-date profit in a decade for JLR. Profit after tax in the quarter was £375 million, compared to a profit after tax of £592 million in the same quarter a year ago.
The figures come as the firms electrification and rebranding project, known as "ReImagine", gathers pace, with around 57,000 people now on the waiting list for the all-electric Range Rover model set to be launched later this year. The firm also says sales of its Range Rover plug-in electric hybrid grew by 163% as customers switched from conventional petrol and diesel models.
The company lodged plans to extend its Wolverhampton electric propulsion works earlier this month as part of moves to ramp up the switch to electric models.
"JLR has delivered a robust performance in the third quarter of our financial year, and reached further milestones in our Reimagine strategy," said Adrian Mardell, Chief Executive Officer of JLR.
"Thanks to our people and partners, we achieved record Q3 revenue and our best EBIT margin in a decade, and our electrification plans are progressing. We revealed the beautiful, reimagined Jaguar design vision - Type 00 - in Miami and, later this year, we will launch Range Rover Electric.”
Free cash flow for the quarter was £157 million, while at the end of the period, the group's cash balance was £3.5 billion and net debt was £1.1 billion, with gross debt of £4.6 billion. Total liquidity was £5.1 billion, including the £1.6 billion undrawn revolving credit facility, the firm says.
"Looking ahead, while mindful of the challenging economic backdrop, the Company is on track to achieve its profitability and cash flow targets in FY25," added a statement.
