Money: Jaguar Land Rover posts record £3.6bn annual loss - PressFrom - United Kingdom
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MoneyJaguar Land Rover posts record £3.6bn annual loss

04:55  21 may  2019
04:55  21 may  2019 Source:   news.sky.com

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Jaguar Land Rover ( JLR ) has reported a record annual loss of £ 3 . 6 bn as sales remain weak in its core growth market, China. Image: Jaguar Land Rover is feeling the effects of a slowdown in export markets such as China. JLR said on Monday it was focused on the road ahead after a tough 12

Britain’s largest carmaker hit by weak Chinese market and falling diesel sales.

Jaguar Land Rover (JLR) has reported a record annual loss of £3.6bn as sales remain weak in its core growth market, China.

The company, owned by India's Tata Motors, has been at the centre of bid speculation since it recorded an accounting charge of £3.1bn in its third quarter related to muted demand in the industry.

Jaguar Land Rover posts record £3.6bn annual loss © PA Jaguar Land Rover is owned by India's Tata Motors PSA - the owner of Peugeot, Citroen and Vauxhall - has not denied takeover talks with Tata as it seeks luxury brand opportunities to help it compete better with Germany's BMW and VW as carmakers shift to electric power.

JLR said on Monday it was focused on the road ahead after a tough 12 months to 31 March.

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Jaguar Land Rover booked a loss for the last three months of 2018 as sales collapsed in China. The company booked a £ 3 .1 bn reduction in the value of its plants and other investments leading to a £ 3 .4 bn quarterly loss , its biggest to Sales for the quarter were £ 6.2 bn , down from £ 6.3 bn a year earlier.

Jaguar Land Rover booked a loss for the last three months of 2018 as sales collapsed in China. The company booked a £ 3 .1 bn reduction in the value of its plants and other investments leading to a £ 3 .4 bn quarterly loss , its biggest to Sales for the quarter were £ 6.2 bn , down from £ 6.3 bn a year earlier.

It reported a pre-tax loss of £358m when one-off costs were stripped out.

Jaguar Land Rover posts record £3.6bn annual loss © PA Jaguar Land Rover is feeling the effects of a slowdown in export markets such as China The company largely blamed a 5.8% decline in vehicle sales - a figure that was led by China and continental Europe.

It reported rising sales in both the UK and in North America.

On a bottom line basis it said the £3.6bn loss also reflected redundancy costs associated with 4,500 job losses that were booked in the final three months.

Jaguar Land Rover posts record £3.6bn annual loss © Sky News Screen Grab Ralf Speth became chief executive of Jaguar Land Rover in 2010 The workforce hit is part of a transformation programme called Change that aims to make at least £2.5bn of investment, working capital and profit improvements by March 2020.

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Jaguar Land Rover sunk to a £ 3 . 6 bn loss in the 12 months to the end of March as it battled slowing sales in China and Land Rover was the fastest-growing car brand in the US in 2019 while Jaguar sales rose in Europe, said JLR , which is Save 25% with an annual subscription. Just £ 75 per year.

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It said the plan remained on track and had already delivered the first £1.25bn, with £150m of cost efficiencies, £400m of working capital improvements and £700m of investment savings achieved by March 2019.

JLR has previously warned that a no-deal Brexit risks knocking the company's recovery off course - costing it up to £1.2bn annually.

Chief Executive, Dr Ralf Speth, said: "Jaguar Land Rover is focused on the future as we overcome the structural and cyclical issues that impacted our results in the past financial year.

"We will go forward as a transformed company that is leaner and fitter, building on the sustained investment of recent years in new products and the autonomous, connected, electric and shared technologies that will drive future demand."

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