Jaguar Land Rover suffers loss of £395m
Record sales in the UK could not save Jaguar Land Rover from plunging into the red during the fiscal first quarter.
The company made a loss before tax of £395m in the three months to June 30, which it said was consistent with expectations.
It was wider than the £264m loss reported this time last year and was down from a £120m profit between January and March.
Global retail sales declined 11.6% to 128,615 vehicles, as volumes dropped in most regions.
The company was also one of many car makers which moved forward its annual factory shutdown to April in anticipation of the original Brexit deadline. These contingency plans also contributed to the lower sales and profits in the period.
Nevertheless UK sales were up 2.6% on the year to 27,100, outperforming a wider industry which declined by 4.6%. But it was the only region to show growth, with even the biggest market in the US declining 0.6%.
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