Jaguar Land Rover posts £300 million LOSS – Land Rover Defender the best-seller

Jaguar Land Rover lost £302 million in the last quarter as the ongoing ‘Chip’ shortage cut production. Land Rover Defender the best-seller.

Jaguar Land Rover has not been having the easiest of times recently, and are in the middle of a restructuring that will see Jaguar turn into a maker of high-end electric cars.

But adding to the trials and tribulations a restructuring plan brings, JLR is struggling from the worldwide shortage of semiconductor chips, vital to functions in cars.

That shortage has seen JLR’s sales drop to just 92,700 cars in the last quarter – down from 114,000 in the same period last year – resulting in a loss for the quarter of £302 million, almost three times the loss in the previous quarter.

In fact, deliveries to dealers were even worse than sales numbers, with just 64,000 cars delivered, but with an order bank twice that.

On the bright side – if you look hard – the Land Rover Defender upped its numbers by 70 per cent compared to last year, although every other model fell substantially, and Jaguar Land Rover is sitting on an order bank of 125,000.

Thierry Bollore, JLR CEO, said:

The global semi-conductor shortage remains challenging but I’m pleased to see the actions we have been implementing reduce the impact. With strong customer demand with a record order book we are well placed to return to strong financial performance as semiconductor supply begins to improve.

At the same time, we continue to execute our Reimagine strategy to realise the full potential of the business and create the next generation of the most desirable luxury vehicles for the most discerning of customers – starting with the stunning new Range Rover.