Jaguar Land Rover witnesses a surge in sales for Q1 FY24
Amid easing supply constraints: Range Rover, Range Rover Sport, and Defender drive demand.
Today, Jaguar Land Rover (JLR) announced a noteworthy increase in sales for the first quarter of FY24, reporting the positive impact of improvements and other supply constraints on the automotive sector. JLR's wholesale volumes, excluding Chery Jaguar Land Rover China JV, reached 93,253 units in the first quarter, marking a 30% surge compared to the same period a year ago.
Notwithstanding a slight 1% drop from the previous quarter ending March 2023, mainly due to shipping schedules, JLR's production showcased a promising quarter-on-quarter increase. The retail sales also presented a robust picture, with 101,994 units sold in the first quarter, representing a significant 29% growth from Q1 FY23 with marginal changes compared to the previous quarter. The figures indicate a substantial rise in retail volumes across multiple regions: Overseas (up 83%), North America (up 42%), China (up 40%), and the UK (up 6%). However, Europe maintained a steady pace.
JLR's three most profitable models - the Range Rover, Range Rover Sport, and Defender - experienced significant sales growth. The Range Rover's sales skyrocketing by 199%, followed by the Defender (90%) and Range Rover Sport (42%).
Sales reports:
Despite reducing from 200,000 at the end of March 2023, JLR's order book remained strong, with over 185,000 client orders. With the continued improvement in chip and other supply constraints, the demand for Range Rover, Range Rover Sport, and Defender remains remarkably high, accounting for 76% of the order book. Anticipating a positive free cash flow of over £400 million for the quarter, JLR will release its full financial results for Q1 later this July.
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Source: Jaguar Land Rover
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