JLR returns to profit

The company, which has a manufacturing centre at the i54 on the edge of Wolverhampton, recorded a £156 million pre-tax profit between July to September – a £246 million year-on-year improvement.

The improved results were driven by Jaguar Land Rover’s revenues rising to £6.1 billion, an eight per cent year-on-year increase.

While retail sales dipped by 0.7 per cent, the firm was boosted its performance in China, where sales grew 24.3 per cent.

The arrival of the new Range Rover Evoque also helped, with sales of that model up 54.6 per cent compared to the previous year. Range Rover Sport sales rose 17.5 per cent over the same period.

JLR has been undergoing a massive £2.5 billion cost-cutting and restructuring programme, named Project Charge, and chief executive Ralf Speth said the improved results reflected the success of those efforts.

The firm has already achieved £2.2 billion on efficiencies, and is on track to reach its goals by the end of March 2020. It has also invested in new facilities, such as the recently opened Product Creation Centre.

Mr Speth said: "Jaguar Land Rover has returned to profitability and revenue growth.

"This is testament to the fundamental strength of our business, our award-winning products, new technologies and operating efficiencies.

"We were one of the first companies in our sector to address the challenges facing our industry.

"As such, it is encouraging to see the impact of our Project Charge transformation programme and our improvement initiatives in the China market start to come through in our results.

"Our people have responded very positively to the challenging circumstances over the past year.

"The improved performance this quarter reflects their ongoing passion and determination.

"Looking forward, we will continue our product offensive, broadening our range of electrified vehicles on the journey towards our Destination Zero future."