JLR, formerly known as Jaguar Land Rover, has reported its highest quarterly profit since 2017, attributing the success to the record-breaking sales of its flagship Range Rover SV model.
Wholesale revenues for the three months ending December 31, 2023, reached £7.4 billion, marking a significant increase of 22% compared to the same period the previous year.
The Range Rover SV, boasting a hefty £202,000 price tag for its highest specs, has seen remarkable success, with year-to-date sales hitting 3,637, surpassing the 1,909 units sold in the entire fiscal year 2023.
JLR’s financial year differs from the calendar year, running from April to March. In the first nine months of its financial year, the company recorded a profit before tax (PBT) of £1.4 billion, a substantial 35% increase from the same period the previous year.
Adrian Mardell, Chief Executive Officer of JLR, expressed satisfaction with the outstanding financial performance in the third quarter, noting it as the best quarterly profit in seven years and the highest-ever revenue for the initial nine months of a financial year.
The Range Rover Electric, set to be released soon, has already generated substantial interest, with over 16,000 customers enlisted on the waiting list since its opening in December.
Mardell expressed optimism about the future, acknowledging potential challenges but expressing confidence in successfully delivering their Reimagine Strategy.