Chinese carbuyers help Jaguar Land Rover outpace UK lockdowns

Pretax profits of £439m for last three months of 2020, despite fall in UK production

Jaguar Land Rover staged a recovery in the final three months of 2020, as the growth of car sales in China made up for the UK’s continued lockdowns and its setting aside of £35m to pay fines for missing carbon dioxide emissions targets.

The carmaker made pre-tax profits of £439m in the last quarter of the year, £121m higher than in 2019, JLR said on Friday. Revenues recovered to £6bn, £1.6bn more than the July-to-September period, although still lower than at the same point the year before.

Related: UK car production in 2020 slumped to lowest level since 1984

Continue reading…

Read full original article »