The increased production of their most profitable models contributed to this growth. Specifically, wholesale volumes for the Range Rover and Range Rover Sport models rose by 22% and 46%, respectively.
This improvement was facilitated by the opening of a new body shop at the Solihull plant. JLR’s value-over-volume strategy continues to prioritize these profitable models, including the Land Rover Defender.
Additionally, the highly anticipated Range Rover Electric has generated significant interest, with over 39,000 people currently on the waiting list, according to EV in Focus. These positive developments set the stage for what could be a post-Covid record year for JLR, despite previous challenges such as supply constraints.
According to Adrian Mardell, Chief Executive Officer of JLR, “We have delivered a record financial performance for the company, generating free cashflow of £2.3 billion, enabling us to reduce net debt to £0.7 billion.
The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement.
We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”
In fiscal year 2024, JLR achieved record revenues. Revenues for the 12 months ending on March 31, 2024, were £29.0 billion, which is the highest ever full-year revenue for JLR and represents a 27% increase compared to the prior year, according to Automotive World.
Additionally, the profit before tax and exceptional items (PBT) in the quarter was £661 million, up from £368 million in the previous year, with an EBIT margin of 9.2%. JLR ended the year with a global cash balance of £4.2 billion, reflecting total cash and cash equivalents, deposits, and investments says JLR. These financial results demonstrate JLR’s strong performance during that period that’s for sure and no doubt we can expect even more from them as we continue throughout the year and in to 2025.
