Chips are down for Jag

JAGUAR Land Rover crashed to a £455m loss last year as it struggled with the global chip shortage.

Revenues at the car maker slid 7pc to £18.3bn for the 12 months to end of march as it sold 376,000 cars – a fall of 14pc. The previous year it reported profits of £662m.

JLR’s losses included a £43m charge for the fourth quarter which stemmed from lost business in Russia. Sales of its cars, such as Range Rovers and Jaguars, are on hold in the country due to the war in Ukraine.

chief executive Thierry Bollore said: ‘The environment remains difficult in light of the global chip shortage and other challenges. However, i’m encouraged by the continuing strong customer demand.’