Jaguar Land Rover has revealed a quarterly pre-tax loss of £264m, with revenue down 6.7 per cent to £5.2bn, as chief executive Dr Ralf Speth says the manufacturer will be “taking the necessary steps” to address this.
The quarterly loss — its first for three years — compares to a £571m profit for the same quarter a year earlier,.
The manufacturer has gone on record blaming the impact of a planned reduction in duty in China, which delayed purchases in the region until after the July 1 change, seeing dealers reduce its stock during the period.
Commenting on the results, chief executive of Jaguar Land Rover, Speth, said: “Given these issues, we will remain focused on driving growth and simultaneously reducing costs and boosting operational efficiency and capability, taking the necessary steps to shape our future.
“We expect sales and financial results to improve over the remainder of the financial year, driven by continued ramp-up of new models, most recently the electric Jaguar I-PACE, and with the new lower duties effective in China.”
The group said it continued to be “impacted negatively” by Brexit and uncertainty over diesel vehicles in the UK and Europe.
Despite the setbacks, he continues to be positive about the car giant’s prospects.
Speth added: “Given the success of recently introduced models such as the Jaguar E-PACE and the Range Rover Velar, along with our huge investment commitment in electrified technologies, we remain confident to deliver sustainable profitable growth.”