Jaguar Land Rover has issued its financials for the third quarter of this financial year, revealing a pre-tax profit of £439 million from September to December 2020 despite the effects of the coronavirus pandemic as well as Brexit.
That figure is the best third-quarter performance Jaguar Land Rover has on record, showing a £121 million improvement over the same period last year. It’s likewise up by £374 million from Q2, when the UK was under its first coronavirus lockdown.
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However, JLR’s sales are yet to make a strong recovery. The firm shifted 128,469 automobiles in the third quarter, as well as while that’s a 13.1 percent improvement on the second quarter, it’s still nine percent behind the firm’s sales performance from Q2 in the 19/20 financial year.
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Like a lot of businesses, JLR has had a hard few months. The brand posted a £501 million loss at the end of the 19/20 financial year, which was followed by a additionally £413 million loss in the first quarter of the current financial year.
To manage the losses, JLR ramped up its project charge cost-cutting initiative in March 2020, as well as the firm hopes the programme will save a total of £2.5 billion by the end of March this year. The scheme saved the firm £400 million in Q2 20/21 alone.