Wholesale Volumes Soar: A 27% Year-on-Year Surge
In a noteworthy development, Jaguar Land Rover (JLR) has reported a substantial increase in sales volumes for the third quarter of the fiscal year 2024, concluding on December 31, 2023. This surge is attributed to marked improvements in supply chains, facilitating a higher number of vehicle deliveries to clients.
Wholesale volumes for the quarter reached an impressive 101,043 units (excluding the Chery Jaguar Land Rover China Joint Venture), reflecting a remarkable 27% increase compared to the same quarter in the previous year. Moreover, this figure represents a 4% rise when compared to the preceding quarter ending on September 30, 2023. Notably, this quarter witnessed JLR achieving its highest wholesales in 11 quarters.
Model-specific Triumphs: Range Rover Sport, Range Rover, and Defender Lead the Way
Breaking down the wholesale volumes by model, the Range Rover Sport experienced a staggering 50% increase with 16,921 units. Similarly, the Range Rover saw a commendable 13% rise with 18,843 units. While the Defender recorded a substantial 14% increase with 27,117 units compared to the same quarter in 2022. Cumulatively for the financial year to date, wholesale volumes reached an impressive 291,113 units. Further, showcasing a substantial 28% surge compared to the previous year.
Retail Success: JLR Continues to Dominate Markets
On the retail front, the third quarter witnessed sales reaching a notable 109,140 units (including the Chery Jaguar Land Rover China JV). Further, marking a noteworthy 29% increase compared to the same quarter in the previous year and a 2% rise compared to the preceding quarter ending on September 30, 2023. Notably, retail volumes witnessed growth across all regions year-on-year.
Regional Breakdown: UK up 55%, Overseas up 49%, China up 28%, Europe up 27%, and North America up 6%.
Strong Demand Continues: Order Book Insights
The order book for JLR continues to reflect sustained high demand for their products, with 148,000 client orders recorded at the end of the third quarter. This marks a reduction from the 168,000 orders at the end of the second quarter. Further, demonstrating improved order fulfillment and subsequently shorter waiting times for customers. Notably, the demand for the Range Rover, Range Rover Sport, and Defender remains particularly robust, constituting 76% of the current order book.
Financial Outlook: Full Results Awaited
JLR is set to unveil its complete financial results for the third quarter of FY24 in early February. Further, providing a comprehensive overview of the company’s performance during this period. This disclosure will shed light on the JLR financial intricacies behind the impressive sales figures. Further, reveal JLR’s positioning in the competitive automotive landscape.
