Jaguar Land Rover files £302 million loss for Q2 2021

The company mainly attributes the loss to reduced production capacity brought on by the global semiconductor shortage

Land Rover badge

Jaguar Land Rover has filed its financial results for the second quarter of 2021, reporting a loss of £302 million in the last three months alone.

The British brand says the downturn in its finances is partly due to the global semiconductor shortage, which has forced the firm to scale back its production – especially on its fully electric I-Pace SUV and its other plug-in and mild-hybrid electrified vehicles.

JLR expects the shortage will still be a problem into 2022, but it’s expecting the situation to improve during the remainder of this year.

The firm’s short-term future is therefore now closely related to the sales performance of its Defender model. The British brand received 32,000 orders for the new Defender in the second quarter of this year alone, which represents almost 40 per cent of its order bank for the period.

JLR received a record 125,000 orders during the second quarter of 2021 – and the company is hoping to boost sales further with the launch of its fifth-generation Range Rover. On sale now, the luxury SUV is based on an all-new platform and will be available with a plug-in hybrid powertrain. A fully electric Range Rover has also been confirmed to join the line-up in 2024.

Jaguar Land Rover is aiming to reduce the material cost per car it builds by £1,000 over the course of the next year, as well as working to secure a more reliable supply of semiconductors. 

JLR also spent £37 million buying CO2 emissions credits from Tesla, which has helped lower the firm’s average fleet emissions and allowed the company to avoid an £89 million penalty for not meeting the latest standard.

Now click here to read all the latest news on the new 2022 Range Rover…

Recommended

New Jaguar XE and XF 300 Sport models introduced
Jaguar XE 300 Sport
Jaguar

New Jaguar XE and XF 300 Sport models introduced

Luxuriously appointed Jaguar XE and XF saloons come with four-cylinder mild-hybrid petrol power
26 Apr 2022
Jaguar launches portable power pack using recycled I-Pace batteries 
Jaguar's gridtogo Battery Energy Storage System
Jaguar

Jaguar launches portable power pack using recycled I-Pace batteries 

JLR has collaborated with Off Grid Energy to produce a portable energy station using decommissioned batteries from its I-Pace electric car
15 Mar 2022
1,006bhp Jaguar Vision Gran Turismo Roadster virtual concept unveiled
2 Jaguar Vision Gran Turismo Roadster virtual concepts on track - Grant Turismo 7 screenshot
Jaguar

1,006bhp Jaguar Vision Gran Turismo Roadster virtual concept unveiled

Celebrating the launch of Gran Turismo 7, the new virtual Jaguar Roadster concept joins the Vision GT Coupe and Vision GT SV
9 Mar 2022
Jaguar C-Type continuation car: 1953 Le Mans winner reborn
Jaguar C-Type continuation
Jaguar

Jaguar C-Type continuation car: 1953 Le Mans winner reborn

JLR Classic Work’s latest Continuation car is a limited-run version of the Le Mans-winning Jaguar C-Type from 1953
17 Feb 2022

Most Popular

“Mid-sized electric cars are way beyond the financial reach of most mums and dads”
Opinion - electric car prices
Opinion

“Mid-sized electric cars are way beyond the financial reach of most mums and dads”

Mike Rutherford thinks the industry needs to face the fact that a lot of people can’t afford a brand new factory-fresh car
16 May 2022
Best electric cars to buy 2022
Best electric cars
Electric cars

Best electric cars to buy 2022

There are more electric cars than ever to choose from, so we've picked some of the best you can buy in the UK now
28 Apr 2022
Tipo 184: on the road in the Mazda MX-5 based kit car
Tipo 184 kit car front
Features

Tipo 184: on the road in the Mazda MX-5 based kit car

Inspired by classic Grand Prix racing cars, Darren Collins has created a model that faithfully recreates the originals, but with a twist - it’s actual…
11 May 2022