Tata Motors’ Jaguar Land Rover reports robust sales growth in Q2 FY24
Jaguar Land Rover (UK), a subsidiary of Tata Motors Limited, has announced impressive sales growth for the second quarter of FY24, covering the three-month period ending on September 30, 2023. This performance reflects a continuous enhancement in supply chain efficiency, enabling JLR to fulfill increasing client demand.
Wholesale volumes for the period reached a remarkable 96,817 units (excluding the Chery Jaguar Land Rover China JV), marking a 29% surge compared to the same quarter in the previous year. Furthermore, they witnessed a 4% uptick when compared to the quarter concluding on June 30, 2023, despite the customary two-week summer plant shutdown. The wholesale volumes for the first half of the financial year reached 190,070, signifying a substantial 29% boost compared to the preceding year.
In the second quarter, retail sales surged to 106,561 units (inclusive of the Chery Jaguar Land Rover China JV), showcasing a commendable 21% escalation in comparison to the same quarter in the prior year. This growth extended across all regions, with overseas sales rising by 56%, North America by 32%, Europe by 16%, the UK by 9%, and China by 7%.
The robust demand for Jaguar Land Rover’s products is evident in its order book, which stood at 168,000 client orders by the close of the second quarter. While this represents a decline from 185,000 orders at the conclusion of the first quarter, this reduction was expected and reflects an increase in order fulfillment. Impressively, Range Rover, Range Rover Sport, and Defender continue to lead the demand, constituting 77% of the order book.
Jaguar Land Rover will officially disclose its full financial results for Q2 FY24 in early November. Based on preliminary cash balances, the company anticipates positive free cash flow of approximately £300 million for this quarter, underlining its financial resilience.
This robust sales growth signifies Jaguar Land Rover’s successful endeavors in delivering high-quality vehicles to a burgeoning client base, exemplifying the strength and vitality of the brand.