Home Business NewsBusinessAutomotive News Jaguar Land Rover posts heavy quarterly losses of £3.4bn

Jaguar Land Rover posts heavy quarterly losses of £3.4bn

by LLB Reporter
7th Feb 19 1:48 pm

Britain’s biggest car maker, Jaguar Land Rover (JLR) has reported heavy losses due to Brexit uncertainty and slower demand in China.

JLR who are owned by Tata booked a £273m loss in the three months to 31 December 2018 along with £90m loss from quarter three.

The Indian owned car maker further recorded a £3.1bn impairment charge.

Jaguar chief executive Ralf Speth said: “Jaguar Land Rover reported strong third quarter sales in the UK and North America, but our overall performance continued to be impacted by challenging market conditions in China.

“We continue to work closely with Chinese retailers to respond to current market conditions.”

Speth added, “This is a difficult time for the industry, but we remain focused on ensuring sustainable and profitable growth, and making targeted investments, that will secure our business in the future,”

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