Jaguar - LandRover

Another quarterly sales update and it is rinse and repeat. Record order backlog, but struggle to convert them to sales due to chip shortages. There is some improvement in vehicles delivered, up 6% versus the prior quarter, with the Company stating a gradual improvement in chip supplies. However, local papers in Liverpool, near JLR’s Halewood plant, cited staff as unhappy and potentially willing to strike due to the changes in shift patterns. The changes, from two to one cycle, are primarily driven by a shortage of chips, indicating that chip shortages remain a problem. Q3 sales were up in previous quarters, with retail sales reaching 85k, and wholesale at c.80k.

Separately, JLR announced it has extended its undrawn RCF of £1.45bn from March 2024 to March 2026. Full Q3 results are on 25th January.