Jaguar Land Rover takes biggest profit since 2020
Published on Jul 26, 2023 at 5:50 PM (UTC+4)
by Savannah Roberts
Last updated on Jul 26, 2023 at 6:02 PM (UTC+4)
Edited by
Kate Bain
After a pretty rough year, Jaguar Land Rover is back on top.
JLR was faced with a whopping £369 million loss in 2022.
But those financial woes may be a thing of the past after they turned their biggest profit since 2020.
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In the second quarter of this year, the car company’s pre-tax profits skyrocketed to £435 million, marking a huge moment in the company’s recovery after last year’s devastating numbers.
That’s a mind-boggling difference in profit (£804 million – no big deal).
JLR’s parent company Tata Motors has seen massive success after choosing none other than Somerset as the location of its next gigafactory – of which it will be investing a cool £4 billion.
The electric car battery plant will be the first of its kind to be built outside of India, the home of the Tata Group.
The car industry is set to thrive once again with the Indian giant’s investment, work on the factory will kickstart in 2026 and could generate more than 4000 jobs.
With these advancements, the UK could become the next hub within the automobile world, JLR’s newly-appointed CEO Adrian Mardell echoed this sentiment in a recent statement.
“As a global business, with our heart and soul in the UK, this announcement only increases our excitement about our future,” he said.
“The news is also crucial to building a thriving EV industrial ecosystem here in the UK not only for the future of JLR but for the future of the British automotive industry.”
Amid all the good news, the CEO still had to fend off some controversy.
After Tata announced the UK as the proud new owner of its next gigafactory, claims began to whir that the automotive manufacturer was offered an eye-watering £500 million subsidy to make it happen.
There were talks that the EV battery factory could land in Spain, but alas it found a home across the English channel.
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