Jaguar Land Rover (JLR) reported a pre-tax loss of £310 million in its third quarter, a significant downturn from the £523 million profit recorded a year earlier.
The primary cause of the loss was a major cyber attack last autumn, which incurred an additional £64 million in costs and led to a five-week production halt across UK factories from 1 September.
The cyber incident severely impacted sales volumes, causing revenues to fall by 39 per cent year-on-year to £4.5 billion in the final three months of 2023, with production returning to normal levels by mid-November.Further contributing to the losses were ongoing US tariffs, the planned discontinuation of older Jaguar models ahead of new launches, and deteriorating market conditions in China.
Despite these setbacks, JLR anticipates a significant improvement in its financial performance during its final quarter.
