JLR suffers big drop in sales
JAGUAR Land Rover sales have sharply plummeted, the car maker has revealed.
The sales plunge worryingly takes the Midlands manufacturer into a loss for the three months to the end of September.
JLR has blamed lower sales in China for the decline.
Uncertainty in Europe over diesel and Brexit has also contributed, the company added.
Jaguar Land Rover says sales plunged 13.2 per cent to 129,887 vehicles for the three months to September 30.
The UK’s largest car maker reported revenues of £ 5.6 billion and a pre- tax loss of £ 90 million on the back of lower sales.
JLR is launching a “farreaching” cost- cutting programme to improve profitability as a result, it says.
Jaguar Land Rover CEO Dr Ralf Speth said the company is already taking action to reverse the losses. It has “launched far- reaching programmes to deliver cost and cashflow improvements,” he said.
“Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for longterm sustainable, profitable growth.”
Tata Motors chairman N Chandrasekaran said: “In JLR, market conditions, particularly in China, have deteriorated further.”
He added: “To weather this volatile external scenario, we have launched a comprehensive turnaround plan to significantly improve our free cash flows and profitability.”
JLR has currently stopped production at its Solihull plant with a twoweek shut- down which began on October 22.
Hundreds of agency staff have been stood down during this period while some JLR- contracted employees are enjoying time off with full pay, it was reported.
The Solihull plant is the spiritual home of Land Rover, where the famed 4x4 vehicles have been rolling off the production lines since 1948.
The vehicles currently produced there are the Range Rover, Range Rover Sport, Range Rover Velar, Land Rover Discovery and Jaguar F- Pace.
Meanwhile, Mr Speth announced entire industries could be wiped out by a hard Brexit.
He issued the stern warning during a visit to Australia, having previously warned about the impact a bad Brexit deal, or no Brexit deal, would have on the company.
Mr Speth said that some exposed industries would have “no way to survive a hard Brexit”.
He said: “Everybody can do the maths. It is very open and very transparent.
“It is not only at Jaguar Land Rover, but it is also an element for the supplier industry and export industry in the UK.”
Jaguar Land Rover’s Lode Lane plant in Solihull