Jaguar Racing profits wide of the marque
JAGUAR Land Rover is continuing to support its Formula E racing team, despite accelerating costs and a crash in sales that left the luxury car marque in the red.
The latest accounts for Jaguar Racing reveal that over the year to the end of March 2019, its costs rose 12.1 per cent to £8.8 million, while its pre-tax profit fell 6.9 per cent to just £0.5 million on revenues of £10.2 million.
Almost all of its revenues come from parent company, JLR. Over the same period JLR, which is owned by Indian conglomeratetata, fell to a £358 million pre-tax loss. Its revenues slipped into reverse, down 6.1 per cent to £24.2 billion.the car manufacturer is battling weak demand in China, a crackdown on diesel cars and concerns over Brexit.
The accounts state that JLR will “aim to ensure sufficient funding to the racing programme that allow us to build a team and car that is capable of sustainable championship success in the future”.
All JLR’S new road cars will have an electric option from next year and Formula E showcases its green credentials. A spokesman said that it is a “real world test bed for our move to electrification and has been a key element to the successful launch of the Jaguar I-PACE – our first all-electric Jaguar”.