Jaguar Land Rover said vehicle sales rebounded in the most recent quarter due to strong customer demand and improved chip supply.
Wholesale volumes for the quarter ended December 31 increased by 15% to 79,591 units compared to the same period last year, the British automaker said in a statement on Monday.
Wholesale volumes were up 15% in North America and 13% in the UK, but were down 13% in China and 3% in mainland Europe.
Sales volumes in China were impacted by restrictions due to COVID. said JLR.
Retail sales for the quarter were 84,827 units, up 5.9% year-on-year, reflecting the timing of retail and wholesale sales.
Orders for JLR increased by 10,000 units during the quarter to 215,000 units as of December 31st. Demand for the new Range Rover, new Range Rover Sport and Land Rover Defender accounted for 74% of orders.
JLR expects fourth quarter free cash flow to be over £400m ($485m).
The automaker expects the full year to be “close to breakeven.”
Tata Motors, which acquired JLR in 2008, had set a £1 billion free cash flow target for the financial year.
JLR’s performance is significant to India’s Tata Motors, contributing nearly 60% of the group’s operating revenue.
JLR is expected to report its third quarter results on January 25th.
Reuters contributed to this report