Jaguar Land Rover swings to profit on high-end models

Jaguar Land Rover has regained profits after increased production of high-end models such as the new Range Rover due to improved semiconductor availability.

The British luxury carmaker reported a pre-tax profit of £265m ($326m) in the three months to December.

The gain was driven by nearly doubling sales of the new Range Rover and Range Rover Sport models, as well as positive currency effects.

Adrian Mardell, JLR’s interim CEO, said in a statement:

Manufacturers have been hit hard by the lingering semiconductor shortage crippling the entire industry.

Earlier this month, JLR said it may miss its goal of zero net debt by next year because the supply chain crisis has weighed on production. JLR says it’s struggling against the backdrop of a record vehicle order of 215,000 units.

JLR also faces the challenge of executing its EV strategy in a time of economic upheaval. His Thierry Bollore, who led the company for less than two years, announced his resignation in November, during which time his Mardell took over.

JLR announced on Wednesday that its Solihull plant in the UK will start producing all-electric Jaguar and Range Rover models from 2025.

The domestic auto industry has made limited progress in its transition to EVs, with the latest blow this month when battery maker Britishvolt filed for bankruptcy.

Only 14,500 Jaguar nameplates were sold in the third quarter.

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