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 SECOND QUARTER SALES CONSTRAINED BY SEMICONDUCTOR SUPPLY IN LINE WITH GUIDANCE

8 October 2021

Whitley, UK, 8th October 2021 – Jaguar Land Rover retail sales for the three-month period to 30 September 2021 continued to be constrained by the impact of the global semiconductor shortage on production, with wholesales for the period in line with July guidance. Underlying demand for Jaguar Land Rover products remains strong with order books at record levels. 

Retail sales for the second quarter ending 30 September 2021 were 92,710 vehicles, 18.4% lower than the 113,569 vehicles sold in Q2 last year. Retails were lower year-on year in most regions, including North America (-15.6%), China (-6.3%), Europe (-17.0%), and in the UK (-47.6%), but were up in our Overseas region (+10.0%).

Retail sales of all models were lower year-on-year with the exception of the new Land Rover Defender, which retailed 16,725 vehicles, up 70.4% year-on-year, making it our bestselling model in the quarter.

In line with July guidance, Q2 FY22 wholesales totaled 64,032 units (excluding the China JV), down 12.8% year-on year. As with retails, wholesales were lower year-on-year in all regions apart from our Overseas region (+40.5%) and for most models, except the new Land Rover Defender up 18.0% on 14,305 wholesales.

Despite the impact of the semiconductor shortage on production and sales, the Company continues to see strong demand for its products with global retail orders at record levels in excess of 125,000 vehicles.

The global semiconductor supply issue represents a significant near-term challenge for the industry which will take time to work through. However, it’s encouraging we were still able to grow sales of the Land Rover Defender in Q2. Moreover, we are delighted to have a record Company order book demonstrating the underlying demand for our products which we will satisfy when the semiconductor supply recovers.

Lennard Hoornik
Chief Commercial Officer

At the start of November, Jaguar Land Rover expects to report unaudited results for the three months ending 30 September 2021.  At the end of the period, the Company had about £3.8 billion of cash and short-term investments (unaudited), after the issuance of a $500 million 8 year 5.500% and €500 million 7 year 4.5% bond in July. Despite the continuing semiconductor supply constraints, Jaguar Land Rover expects to report a free cash outflow of under £0.7 billion for the quarter, significantly better than the £1 billion outflow initially anticipated. Total liquidity at the end of the second quarter is expected of about £5.9 billion including a £2.0 billion undrawn committed revolving credit facility (RCF).

Looking ahead, the chip shortage remains dynamic and difficult to forecast, however, the Company expect semiconductor shortages to gradually ease over about the next 12 months from here.

 

Q2 Jul-Sep 2021

Units

Q2 Jul-Sep 2021

YOY% Change

Jaguar Land Rover 92,710 (18.4%)
Jaguar 19,248 (29.6%)
Land Rover 73,462 (14.8%)

Further information

Jaguar Land Rover PR social channels:

Twitter:@JLR_News;

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For more information visitwww.media.jaguarlandrover.comor contact:  

   

Jess Bowden-Eyre

Corporate Affairs Manager

E: jbowdene@jaguarlandrover.com

T: +44 (0) 7734 855245

Notes to Editors

About Jaguar Land Rover  

For more information about Jaguar Land Rover’s Reimagine strategy please visit: https://www.jaguarlandrover.com/reimagine

About Jaguar Land Rover: Reimagining the future of modern luxury by design

Jaguar Land Rover is reimagining the future of modern luxury by design through its two distinct, British brands.

Our current model range embraces fully electric, plug-in hybrid and mild-hybrid vehicles, as well as the latest diesel and petrol engines. Our class-leading Jaguars and Land Rovers are in demand around the world and in Fiscal 2020/21 we sold 439,588 vehicles in 127 countries.Land Rover is the global leader of luxury SUVs through its three families of Range Rover, Discovery and Defender. Jaguar is the first ever brand to offer a premium all-electric performance SUV, the Jaguar I-PACE.

At heart we are a British company, with two major design and engineering sites, three vehicle manufacturing facilities, an Engine Manufacturing Centre and a Battery Assembly Centre in the UK. We also have vehicle plants in China, Brazil, India, Austria and Slovakia. Three of our seven technology hubs are in the UK – Manchester, Warwick (NAIC) and London – with additional sites in Shannon, Ireland, Portland, USA, Budapest, Hungary and Shanghai, China.

Central to our Reimagine strategy is the electrification of both the Land Rover and Jaguar brands with two clear, distinct personalities. All Jaguar and Land Rover nameplates will be available in pure electric form by the end of the decade. This marks the start of the company’s journey to become a net zero carbon business across its supply chain, products and operations by 2039.

As a wholly owned subsidiary of Tata Motors since 2008, Jaguar Land Rover has unrivalled access to leading global players in technology and sustainability within the wider Tata Group.