Jaguar Land Rover Records 29% Increase In Wholesale Volumes; Retail Sales Surge By 21% In Q2 FY24

JLR on Thursday reported increased sales volumes for the second quarter of FY24 (three-month period to 30 September 2023), reflecting continuing improvement in supply, allowing JLR to deliver more vehicles to clients, the company announced through an exchange filing.

Wholesale volumes in the period were 96,817 units (excluding the Chery Jaguar Land Rover China JV), up 29 percent compared to the same quarter a year ago, and up 4 percent compared to the quarter ended 30 June 2023, notwithstanding the annual two-week summer plant shutdown. Wholesale volumes for the first half of the financial year were 190,070, up 29 percent compared to the prior year.

Retail sales for the second quarter were 106,561 units (including the Chery Jaguar Land Rover China JV), up 21 percent compared to the same quarter a year ago. Retail volumes were higher in all regions year-on-year: Overseas up 56 percent, North America up 32 percent, Europe up 16 percent, UK up 9 percent and China up 7 percent.

The order book continues to reflect strong demand for our products with 168,000 client orders at the end of the second quarter, reducing from 185,000 at the end of the first quarter, as expected, with increased order fulfilment. Range Rover, Range Rover Sport and Defender demand remains particularly strong, representing 77 percent of the order book.

JLR will report full financial results for Q2 FY24 at the beginning of November. Based on preliminary cash balances, JLR presently expects positive free cash flow of around £300 million in Q2 FY24