Jaguar Land Rover has said the production ramp up of two models helped sales rise and cut its pre-tax losses during its latest financial period.
The automotive giant, which has UK bases across the North West and Midlands, said the new Range Rover and Range Rover Sport helped its revenue rise 36% to £5.3bn in the three months to September 30, 2022, compared the same period in 2021.
JLR also confirmed its pre-tax losses were cut from £302m to £173m.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Chief executive Thierry Bolloré said: "We delivered a stronger financial performance in the second quarter as production of our new Range Rover and Range Rover Sport ramped up, improving revenue, margins and cash flow, despite continuing semiconductor constraints.
"Demand for our most profitable and desired vehicles remains strong and we expect to continue to improve our performance in the second half of the year, as new agreements with semiconductor partners take effect, enabling us to build and deliver more vehicles to our clients."
JLR said the increase in wholesale volumes of 17.6% to 75,307 was lower than planned, "primarily due to a lower-than-expected supply of specialised chips from one supplier which could not be readily re-sourced in the quarter".
The company added: "Despite the ongoing chip constraints, demand for Jaguar Land Rover products remains very strong.
"The total order book now stands at 205,000 units, up around 5,000 orders from 30 June 2022, with our three most profitable and desired models, the New Range Rover, New Range Rover Sport and Defender accounting for over 70% of the order book.
"Jaguar Land Rover is continuing to focus on signing long-term partnership agreements with chip suppliers which is improving visibility of future chip supply.
"Production and sales volumes are expected to improve with positive profit margins and cashflow expected in the second half of FY23 and cashflow is expected to be near break even for the full financial year. "
READ NEXT:
How a top hotel is tackling the cost of living crisis after emerging from 'pure survival mode'
City centre venue owed over £200,000 as it closed 'with a heavy heart'
US software giant Databricks invests in cloud data firm Matillion
Smart thermostat maker Heatmiser to be taken over in near £120m deal
