JLR posts £524 million loss for quarter one after slow production ramp-up
In addition, JLR's revenues dropped 7.6% year on year to £4.4 billion, reporting a total loss in the quarter of £524m.
JLR suggested semiconductor shortages and the impacts of coronavirus lockdowns in China were continuing to hamper growth and performance, as it was unable to ramp up production some of its most popular models. The company said: “Despite strong demand and a record order book, sales continued to be constrained by the global chip shortage, compounded by the slower than expected production ramp up of the new Range Rover and Range Rover Sport and the impact of Covid lockdowns in China, leading to a loss for the quarter."
JLR claimed that its financial performance will improve over the coming months as production of the Range Rover and Range Rover Sport begins to ramp up, supported by the easing of semiconductor bottlenecks.
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