Jaguar Land Rover: Q1 2023 Sales Reflect Resilience and Growth

Jaguar Land Rover (JLR) has announced its Q1 2023 retail sales, recording an impressive 101,994 units sold from April through June. These numbers point to an easing in the semiconductor and supply chain challenges that the automaker has faced.

Over 3,500 employees at JLR’s Halewood facility in Merseyside contribute to this success, assembling the Range Rover, Evoque, and Land Rover Discovery Sport. Moreover, by 2025, this site will be manufacturing a new electric SUV as part of a £15bn initiative to transition JLR’s product line to electric.

In wholesale terms, Q1 saw 93,253 units moved (excluding units from the Chery Jaguar Land Rover China joint venture), marking a 30% increase YoY. The numbers indicate a minor drop (1%) compared to Q1 2023 due to shipping schedules, yet production saw a quarterly increase. Retail sales remained roughly the same (a decrease of 1%) compared to the preceding quarter.

In comparison to the previous year, retail sales have seen a surge in several regions: overseas sales increased by 83%, North American sales grew by 42%, China saw a 40% rise, and the UK market expanded by 6%, while Europe’s sales remained stable.

The three most profitable models – Range Rover, Range Rover Sport, and Defender – have witnessed substantial growth in retail sales compared to Q1 of the previous year, with an increase of 199%, 42%, and 90% respectively.

JLR maintained a robust order book, closing the quarter with over 185,000 client orders, a slight decrease from 200,000 at the end of March 2023, aligning with projections as supply chain constraints start to alleviate.

The Range Rover, Range Rover Sport, and Defender models are in especially high demand, accounting for 76% of the order book.

JLR anticipates releasing full financial results for Q1 later this month. Preliminary figures suggest a positive free cash flow exceeding £400m for the quarter.