Jaguar Land Rover AchievesRecord£29 Billion Revenue and £2.2 Billion Profit in 2024

Jaguar Land Rover reports its highest ever yearly sales and profit, with £29 billion in revenue and £2.2 billion in pre-tax profit. The company's strong performance was driven by global demand for its luxury vehicles, led by the Range Rover and Defender brands.

author-image
Trim Correspondents
New Update
Jaguar Land Rover AchievesRecord£29 Billion Revenue and £2.2 Billion Profit in 2024

Jaguar Land Rover AchievesRecord£29 Billion Revenue and £2.2 Billion Profit in 2024

Jaguar Land Rover (JLR) has reported its highest ever yearly sales and profit, defying concerns about consumer spending. The luxury carmaker achieved £29 billion in revenue, a 25% increase from the previous year, and £2.2 billion in pre-tax profit, the highest since 2015, for the year ending March 2024.

Why this matters: Thisrecord-breaking performance by JLR has significant implications for the UK's economy, particularly in the automotive sector, and demonstrates the company's ability to adapt to changing consumer preferences and technological advancements. As one of the UK's biggest exporters, JLR's success can have a ripple effect on the country's trade and employment landscape.

The strong performance was driven by sustained global demand for JLR's modern luxury vehicles, led by the Range Rover and Defender brands. Around 133,000 vehicles were ordered at the end of the financial year, with three-quarters being for Range Rover, Range Rover Sport, and Defender models. The company's new electric Range Rover model also generated strong interest, with around 28,700 sign-ups to the waiting list since December.

JLR's earnings were further boosted by a reduction in material costs, amid a wider easing of inflation across the UK. The company created around 950 electrification jobs in the latest year as it steps up its electric vehicle production. JLR plans to expand electric vehicle manufacturing in the UK, with its parent company, Tata, building a £4 billion battery factory in Bridgewater, Somerset, which will create thousands of jobs in the region.

Adrian Mardell, JLR's Chief Executive, commented on the results, saying: "We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024." Record

JLR is one of the UK's biggest exporters, with £16 billion of its sales going to the rest of the world over the past year, accounting for 4% of all British goods exports. The company's performance is notable given the challenges it faces in transitioning to electric vehicles and managing lower volumes from the run-off of its current fleet of conventional Jaguar models.

Despite these challenges, Jaguar Land Rover expects to continue its strong performance in the coming year. The company's record-breaking revenue and profit demonstrate its resilience in the face of budget-conscious consumers and its commitment to expanding its electric vehicle production in the UK.