Jaguar Land Rover retail sales in Fiscal 2019/20 were 508,659 vehicles, down 12.1% on Fiscal 2018/19, primarily as a result of the coronavirus pandemic significantly impacting sales in the fourth quarter of the fiscal year.
The company’s total retail sales for the quarter ending 31 March 2020 were 109,869 vehicles, down 30.9% compared to the same period last year.
Fiscal 2019/20 sales have been impacted across all regions with lower sales in North America (7.5% down on record prior year), China (8.9%), UK (9.6%), Europe (16.1%) and overseas (20.3%). China had generated double digit growth in Q2 and Q3 and, with lockdown measures easing, nearly all of the company’s retailers in the region have now reopened and sales are recovering.
Despite the impact of coronavirus, retail sales of the new Range Rover Evoque were up 24.7% year-on-year and sales of the all-electric Jaguar I-PACE increased 40.0%. The very first sales of the new Land Rover Defender also took place in the fourth quarter.
In light of the ongoing coronavirus situation, Jaguar Land Rover has temporarily suspended production at its facilities outside China. In addition, the company is tightly managing all other costs and investments as well as working capital. Jaguar Land Rover will be reporting audited results for the financial year ended 31 March 2020 at a later date but ended this financial year with £3.6 billion of cash and short-term investments (unaudited) and an undrawn revolving credit facility of £1.9 billion.
The company is rigorously following the guidance of all the relevant authorities in the countries in which it operates and will work towards a phased return to production as soon as conditions permit. This will include implementing robust screening protocols to best practice standards.
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SOURCE: Jaguar Land Rover
