Jaguar LandRover - comment

Getting a sense of deja vu? JLR reported their Q1 sales numbers and the commentary is the same. Subdued volumes due to chip shortages and covid lockdowns in China. Q1 retail volumes were flat versus Q4 22 (Jan-Mar ’22 period) with wholesale volumes modestly down on the same period. However, they are down significantly versus Q1 last year due to the above reasons.

However, JLR continue to see strong order book, with the recent launches increasing the order book to record size of c. 200,000, up 32,000 in the quarter. This is mainly driven by the recent launches of New Range Rover (62,000), New Range Rover Sport (20,000) and Defender (46,000), 2/3rds of the overall order book. This bodes well for JLR to maintain and increase their margins.

JLR report their financials for Q1 later this month (date to be confirmed).