Jaguar Land Rover reports 5.9% jump in retail sales in Q3, wholesale up 15%
The retail sales of automaker Jaguar Land Rover rose 5.9 per cent year-on-year (YoY) in the third quarter of the current financial year (Q3FY23) reflecting a “gradual improvement in chip supplies”, the company said in a BSE filing. The wholesale volume rose 15 per cent during the same period.
The company also added that on a preliminary basis, the company’s free cash flow in Q3FY23 is likely to be over 400 million euros.
“Retail sales for the third quarter were 84,827 units, up 5.9 per cent compared to the same quarter a year ago,” the company said. It was, however, 3.7 per cent lower than the sales in Q2FY23.
“Wholesale volumes were 79,591 units in the period (excluding the Chery Jaguar Land Rover China joint venture), up 5.7 per cent compared to the prior quarter ending September 30, 2022, and 15 per cent compared to the same quarter a year ago,” it added.
The biggest jump, 17 per cent, was recorded in North America, followed by 13 per cent in the UK and 10 per cent “overseas”. The biggest fall in sales was recorded in China at 13 per cent. The company said that the volumes in China were impacted by Covid-19.
“The Company continues to see strong demand for its vehicles. As of December 31, 2022, the total order book increased to 215,000 client orders, up to around 10,000 orders from September 30, 2022. Demand for the New Range Rover, New Range Rover Sport, and Defender remains strong and represents 74 per cent of the order book,” the company said.
This comes less than two months after the company announced a cut in production of its Range Rover Velar and Jaguar F-Pace models due to a shortfall in the supply of semiconductors.
“We continue to actively manage the operational patterns of our manufacturing plants whilst the industry experiences ongoing global semiconductor supply chain disruption,” a spokesperson of the company had told Bloomberg.
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