Jaguar Land Rover reports rise in fiscal year sales
Jaguar Land Rover reported retail sales of 614,309 vehicles for the financial year ended 31 March 2018, up 1.7% on the prior year.
New models including the Range Rover Velar (Winner of the 2018 World Car Design of the Year Award) and the all new Land Rover Discovery drove the increase, while the more recently launched 18 Model Year Range Rover and Range Rover Sport and the Jaguar E-PACE are still ramping up.
Retail sales for the financial year were up year-on-year in China (19.9%), North America (4.7%) and in Overseas markets (3.4%) but down in the UK (12.8%) and in Europe (5.3%), primarily driven by continuing uncertainty over diesel.
Retail sales for March were 83,732 and for the fourth quarter were 172,709 vehicles, down 7.8% and 3.8%, respectively, primarily due to lower UK sales and to a lesser extent lower sales in Europe. UK industry sales were down 15.7% in March and 12.4% in the Quarter, more than explained by lower diesel sales, although March 2017 was an all-time industry record with increased sales in advance of an increase in vehicle taxes in April 2017.
Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said: “Weaker market conditions in the UK and Europe, driven by lack of consumer confidence and lower demand for diesels, are impacting our growth. But even against this backdrop it’s good to see that we have closed our financial year with record retail sales.
“New models such as the award-winning Range Rover Velar continue to drive our growth. Sales of the completely refreshed 18 Model Year Range Rover and Range Rover Sport, including our PHEV option, are still ramping up.
For Jaguar, sales of the new E-PACE are gathering momentum. The I-PACE, our first battery electric vehicle, is just going on sale. It is the world’s smartest five seater sports car and will entice even more customers to our showrooms.”
Jaguar retail sales were up 1.0%, to 174,560 vehicles in the financial year thanks to the introduction of the E-PACE, continuing solid sales of F-PACE and the long wheel base XFL in our China market. This success was partially offset by lower sales of XE and XJ. Jaguar retails in the Fourth Quarter were 49,931 vehicles, down 7.5% compared to the same quarter last year, and were 24,300 units in the month of March, down 12.7% compared to March 2017.
Land Rover retailed 439,749 vehicles this financial year, up 2.0% compared to the last financial year due to the introduction of the Range Rover Velar and the all new Land Rover Discovery. This was partially offset by lower sales of the Discovery Sport and Evoque whilst Range Rover and Range Rover Sport retails were lower on account of the model year change over, including our first Plug in Hybrid models, during the third and fourth quarter. Retail sales for Land Rover for the Fourth Quarter were 122,778 vehicles, down 2.2% from quarter four last year, and retails in March were 59,432 vehicles, down 5.7% compared to March 2017.
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