AutoBeta(AutoBeta.net)07/26 Report--

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Jaguar Land Rover officially reported results for the April-June first quarter of this year, in which global retail sales fell 11.6 per cent to 128615 vehicles. Although sales are falling in most other countries, Jaguar Land Rover grew 2.6 per cent in its UK home market and grew year-on-year in China in June. Among them, sales of the Jaguar IPACE and the new range Rover increased year-on-year, partially offsetting the impact of a weak market environment on other models.

Among the Land Rover Jaguar models sold from April to June, the pure electric Jaguar I-PACE and the new Land Rover winning sales increased year-on-year, partially offsetting the impact of a weak market environment on other models. The company also launched new Discovery Sport and Jaguar XE this quarter.

In terms of revenue and profit, Jaguar Land Rover posted a pre-tax loss of £395 million in the past quarter, an increase from the same period last year, with revenue of £5.07 billion, down 2.8 per cent from a year earlier. In addition to the downward market environment, factory downtime and delays in WLTP certification caused by Brexit have also led to a decline in sales and profits.

Tata Motors said the drop in revenue was mainly due to falling demand for cars and factory shutdowns due to delays in UK plans to leave the European Union and WLTP regulations. In addition, another challenge for JLR is the uncertainty of Brexit, with Boris Johnson, the new prime minister, declaring that Britain will leave the EU within 100 days, regardless of whether the country has signed a "divorce agreement" with the EU.

Jaguar Land Rover Global CEO Schweder said Jaguar Land Rover is in a critical period of corporate transformation. Next, we will continue to improve operational efficiency to turn losses into profits. According to the "cost reduction and efficiency" strategy announced by Jaguar Land Rover in the second half of last year, Jaguar Land Rover plans to achieve 2.5 billion pounds in cost cuts and cash flow improvement by March 2020. So far, an optimization of 1.7 billion pounds has been achieved.

In the field of electric vehicles, Jaguar Land Rover announced plans to produce three electric models at its UK plant in July, starting with the all-electric Jaguar XJ sedan. In addition, the British government announced that the British Export Finance Corporation would provide £500m guarantee for the electrification of Jaguar Land Rover. The loan is expected to be completed in the next few months and repaid in instalments over five years.

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