JLR sales up 29 percent in Q1 FY2024, ramped-up production cuts order backlog
Continuing improvement in chip supplies enables deliveries of 101,994 units; sales of three most profitable models Range Rover, Range Rover Sport and Defender increase significantly.
JLR, previously known as Jaguar Land Rover, today reported increased sales for the first quarter of FY2024 (April-June 2023) compared to a year ago, reflecting continuing improvement in chip and other supply constraints.
Wholesale volumes for the first quarter were 93,253 units (excluding the Chery Jaguar Land Rover China JV), up 30% compared to the same quarter a year ago. Compared to Q4 FY2023, wholesales were slightly lower (down 1%), reflecting shipping schedules, while production was up quarter on quarter.
Retail sales for the first quarter were 101,994 units (including the Chery Jaguar Land Rover China JV), up 29% compared to Q1 FY2023 but flat (down 1%) versus Q4 FY2023. Year on year, retail volumes were higher in the Overseas (up 83%), North America (up 42%), China (up 40%) and UK (up 6%) regions while flat in Europe (0%).
Model-wise, retail sales of JLR’s three most profitable models were up significantly compared to the same quarter a year ago with Range Rover up 199%, Range Rover Sport up 42% and Defender up 90%.
Strong order book at 185,000 units
According to the Tata Motors-owned luxury carmaker, its order book remains strong with over 185,000 client orders at the end of June 2023, reducing from 200,000 units at March 31, 2023 in line with expectations, as chip and other supply constraints continue to improve. Range Rover, Range Rover Sport and Defender demand remains particularly strong, representing 76% of the order book.
JLR will report full financial results for Q1 later in July. Based on preliminary cash balances, JLR expects to report positive free cash flow of over £400 million (Rs 4,077 crore) in the quarter.
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