Jaguar Land Rover (JLR) said the UK market was particularly impacted, with industry volumes down 70.1% for the quarter and Jaguar Land Rover sales down 69.5%. Sales are said to have improved month-by-month within the quarter across all regions as economies re-opened, with June retail sales down 24.9%, with recovery in China and North America “particularly encouraging”. Sales in China declined 2.5% for the three-month period, while in North America they were up 2.2% year-on-year for the month of June.
Revenue was £2.9 billion (US$3.8 billion) in the quarter and the company made a pre-tax loss of £413 million (US$451.8 million); down £18 million (US$23.6 million) year-on-year and the EBITDA margin was 3.5%. The Chery Jaguar Land Rover Joint Venture in China achieved break-even profits in the quarter, according to the manufacturer.
