Jaguar Land Rover Announces Quarterly Profit Due To China Recovery (Autostat)
Jaguar Land Rover posted pre-tax profit in the most recent quarter as its dealerships reopened (most of them closed during the coronavirus outbreak) and posted pre-tax profit of £ 65 million ($ 85 million) for the quarter ended 30 September, on revenues of 4.4 billion pounds. According to a statement from JLR last Tuesday, the automaker said profit was up significantly from a loss of £ 413 million in the previous quarter. However, this amount is lower than pre-COVID-19 profits. Profit was £ 156 million by the same quarter last year. Global retail sales of 113,569 units were up 53 percent from the previous quarter. Almost all of the company's dealerships around the world are now open, JLR said. But sales fell 12 percent from the same quarter last year as most markets continued to suffer from the pandemic. China's retail sales were up 15 percent from the previous quarter and 3.7 percent year over year, according to JLR. the new Land Rover Defender in September rose to 4,508 units. JLR's new CEO Thierry Bollore said in a statement: "While Jaguar Land Rover is not immune to the headwinds affecting the global automotive industry, it has a foundation to build long-term sustainable profitability." Bollor, the former CEO of Renault, took over at JLR on September 1, while parent company Tata Motors reported a consolidated net loss of Rs 3.14 billion ($ 42.5 million) for the quarter, up from a loss of 2. 17 billion rupees a year earlier. The company suffered losses as India's economy remained closed for months following the coronavirus outbreak. JLR accounts for the majority of Tata Motors' revenues. "Despite concerns about the risk of a second wave of infection (COVID-19), we expect a gradual recovery in supply and demand in the coming months." zero net debt in the coming years Text and photo: AutoNews.com (translation: AUTOSTAT)
