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JLR Swings to profit after output of new range rover model doubles

Earlier this month, JLR said it might miss a target of becoming net-debt free by next year as the supply-chain crisis crimped output

Ragini Saxena | Bloomberg

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Photo: Shutterstock

3 min read Last Updated : Jan 25 2023 | 8:19 PM IST

Jaguar Land Rover returned to profit after improved availability of semiconductors boosted output of high-end new models.

The British luxury carmaker reported profit before tax of £265 million ($326 million) for the three months ending in December, compared with a £9 million shortfall a year earlier, Indian parent Tata Motors Ltd. said Wednesday. The gains were due to sales of the new Range Rover and Range Rover Sport models almost doubling, as well as positive currency effects.

“JLR has returned to profit as chip shortages eased in the quarter and production and wholesales increased,” Adrian Mardell, JLR’s interim chief executive officer, said in a statement.