JLR reported increased sales for the first quarter of FY24 (three-month period to 30 June 2023) compared to a year ago, reflecting continuing improvement in chip and other supply constraints.
Wholesale volumes for the first quarter were 93,253 units (excluding the Chery Jaguar Land Rover China JV), up 30% compared to the same quarter a year ago. Wholesales were slightly lower (down 1%) compared to the prior quarter ending 31 March 2023 reflecting shipping schedules, while production was up quarter on quarter.
Retail sales for the first quarter were 101,994 units (including the Chery Jaguar Land Rover China JV), up 29% compared to the same quarter a year ago. Retails were broadly flat (down 1%) compared to the prior quarter ending 31 March 2023. Compared to the prior year, retail volumes were higher in the Overseas (up 83%), North America (up 42%), China (up 40%) and UK (up 6%) regions while flat in Europe (0%). By model, retail sales of our three most profitable models were up significantly compared to the same quarter a year ago with Range Rover up 199%, Range Rover Sport up 42% and Defender up 90%.
The order book remained strong with over 185,000 client orders at quarter end, reducing from 200,000 at 31 March 2023 in line with expectations, as chip and other supply constraints continue to improve. Range Rover, Range Rover Sport and Defender demand remains particularly strong, representing 76% of the order book.
JLR will report full financial results for Q1 later in July. Based on preliminary cash balances, JLR expects to report positive free cash flow of over £400 million in the quarter.
