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Strong demand for Jaguar F-PACE, Jaguar XF and Land Rover Discovery Sport , coupled with higher volumes in China, really pushed Jaguar Land Rover ’s retail sales for the third quarter of last year by 8.5% with 149,288 vehicles sold, according to a report released last week by the company.
Maintaining its position as the UK’s largest car manufacturer for the second consecutive year, Jaguar Land Rover reported a 13% increase in revenues to £6.5bn with strong customer demand in the three months to December 31, 2016.
According to the report, total retail sales of 149,288 vehicles, up 8.5% year-on-year, were a record for the third quarter with higher volumes in China, (up 38.4% including sales from the China joint venture), North America (up 19.8%) and Europe (up 7.0%) led by strong sales of Discovery Sport, Jaguar F-PACE and the Jaguar XF (including the new long wheelbase Jaguar XFL in China).
Jaguar retailed 45,364 vehicles, up 90.3% as sales of the F-PACE continued to grow and demand for the long wheel base XFL in China increased.
Land Rover retailed 103,924 vehicles, down 8.7%, with strong sales of the Discovery Sport more than offset by the run-out of the prior model Discovery, ahead of the start of sales of the all-new Discovery later in the fourth quarter.
Commenting on the report, Jaguar Land Rover Chief Executive Officer,Dr. Ralf Speth, said: “Continuing expansion and innovation in our compelling product range have driven up global revenues and retail unit sales, led by the Jaguar F-PACE, Jaguar XF, and Land Rover Discovery Sport.
“Models such as the all-new Discovery mark the latest step in our investment programme, which will underpin long-term profitable, sustainable growth.”
Third quarter profit before tax (“PBT”), according to the report, was £255 million, primarily reflecting the run-out of the Discovery ahead of the new model, unfavourable foreign exchange revaluation, higher marketing expense and depreciation and amortization, partially offset by further exceptional recoveries related to the 2015 Tianjin Port explosion (£85 milllion compared to £30 million a year ago). Earnings before interest, tax, depreciation and amortisation were £611 million in the quarter. PBT for the first nine months of 2016/17 was £934 million, down slightly from the £980 million in the nine months of the prior year.
The company also disclosed that free cash flow was positive at £54 million in the quarter after £926 million of total investment spending.
