Jaguar Land Rover’s luxury Jaguar brand will be entirely electric by 2025. The carmaker will launch e-models of its entire lineup by 2030 as car companies globally move toward zero-emission vehicles. The goal for many carmakers is to make the transition to electric vehicles but still retain that feeling and power of a luxury combustion engine model.
Land Rover brand will launch six pure electric models over the next five years, with the first one coming in 2024.
Jaguar Land Rover reports strong profit and cash flow for third quarter of fiscal 2020/21
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Profit before tax of £439 million, up £374 million on prior quarter and £121 million year-on-year
Improved profits reflect revenue of £6 billion, up £1.6 billion from Q2 while still lower than pre-Covid levels a year ago, with favorable sales mix, cost performance and partial reversal of prior-period reserves
Positive free cash flow of £562 million, a Q3 record
‘Charge+’ transformation savings £0.4 billion in Q3, increasing total for the first three quarters of the fiscal year to £2.2 billion
Liquidity of £6.4 billion on 31 December, with £4.5 billion of cash and £1.9 billion undrawn credit facility. Includes $1.35 billion of bonds issued in Q3
Electrified options extended to 12 Jaguar Land Rover models, including 8 with plug-in hybrid (PHEV), 11 with mild-hybrid (MHEV), and the all-electric Jaguar I-PACE (BEV)
Despite Covid and other risks, the company expects to deliver strong EBIT margins and positive free cash flow in Q4
We are pleased to report these strong profits and record third quarter cash flows. It reflects our focus on prioritizing profitable sales and delivering cost and cash improvements. While sales have not yet fully recovered to pre-Covid levels in most markets, it was pleasing to see China sales up year-on-year for the second quarter in a row and sales of the new Defender continuing to grow.” says Adrian Mardell Jaguar Land Rover Chief Financial Officer.
