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Jaguar Land Rover said its vehicle sales rebounded in its latest quarter on strong customer demand and improved chip supply.
Wholesale volumes increased 15 percent to 79,591 in the quarter ending Dec. 31, compared with the same quarter a year ago, the UK automaker said in a statement on Monday.
Wholesale volumes increased 15 percent in North America and 13 percent in the UK but fell by 13 percent in China and 3 percent in mainland Europe.
Volumes in China were impacted by COVID restrictions. JLR said.
Retail sales for the quarter rose 5.9 percent year-on-year to 84,827 units, reflecting the timing between retail sales and wholesales, the company said.
JLR’s order book increased by 10,000 vehicles during the quarter to 215,000 as of Dec. 31. Demand for the new Range Rover, new Range Rover Sport and Land Rover Defender represented 74 percent of the order book.
JLR forecast that free cash flow for the quarter would be more than 400 million pounds ($485 million).
The automaker has forecast “near breakeven” for its fiscal full year.
Tata Motors, which acquired JLR in 2008, had earlier set a target of 1 billion pounds of free cash flow for the fiscal year.
JLR’s performance is key to India’s Tata Motors as it contributes nearly 60 percent to the group’s revenue from operations.
JLR is expected to report its results for its third quarter on Jan. 25.
Reuters contributed to this report