Jaguar Land Rover (JLR) made a profit of $326 million in the last three months of 2020. This was a big improvement from the same period in 2019, when they made a loss of $9 million.
The new Range Rover and Range Rover Sport models were a big part of this success, with sales almost doubling. The company also benefited from positive currency effects.
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“JLR has returned to profit as chip shortages eased in the quarter and production and wholesales increased,” Adrian Mardell, JLR’s interim CEO, said in the statement.
Jaguar Land Rover (JLR) has been struggling due to a shortage of semiconductors that has affected the entire car industry. This month, JLR said it might not reach its goal of becoming net-debt free by next year. Despite this, the company has seen record vehicle orders of 215,000.
JLR is also trying to transition to electric vehicles (EVs) while dealing with management changes. Thierry Bollore, who led the company for less than two years, left in November and was replaced by Mardell. On Wednesday, JLR announced that its Solihull plant in the UK will start making full-electric Jaguar models from 2025.
The UK’s car industry has made limited progress in transitioning to EVs, with battery-building hopeful Britishvolt filing for insolvency this month. During the third quarter, the Jaguar nameplate sold just 14,500 cars. Jaguar Land Rover (JLR) has been having a tough time due to a shortage of semiconductors that has affected the entire car industry.
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This has caused JLR to miss its goal of becoming net-debt free by next year. Despite this, the company has seen record vehicle orders of 215,000. JLR is also trying to transition to electric vehicles (EVs) while dealing with management changes.
Thierry Bollore, who led the company for less than two years, left in November and was replaced by Mardell. On Wednesday, JLR announced that its Solihull plant in the UK will start making full-electric Jaguar models from 2025. The UK’s car industry has made limited progress in transitioning to EVs, with battery-building hopeful Britishvolt filing for insolvency this month.
During the third quarter, the Jaguar nameplate sold just 14,500 cars. JLR’s transition to electric vehicles is an important step in the industry’s shift towards a more sustainable future.
To learn more about JLR’s management changes, you can read [Thierry Bollore’s statement], or [Mardell’s statement]
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