JLR is using $500m of their £4bn cash balances to tender for its 2026, 2028 and 2029 bonds, with priority for their shorter-dated bonds. JLR has always
Read MoreJLR reported another quarter of impressive headline sales numbers, with wholesale sales of c.97k, up 29% versus Q2 last year, and 4% against
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JLT has kept things safe and appointed from inside the positions of CEO and CFO. This should mean there is unlikely to be any major change in strategy at JLR as they continue to
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Press reports from the BBC and others show that Tata Group are increasingly likely to pick the UK for their flagship electric car battery factory. The Chair of Tata Group, Natarajan Chandrasekaran is due to
Read MoreS&P have upgraded JLR to BB-, with a stable outlook on the back of improving supply chain issues which will enable JLR to increase volumes to meet their record
Read MoreJLR shared in a circular to the media its commitment to the UK and electrification. The headline numbers are staggering, with an investment of £15bn over the next 5 years. However,
Read MoreEuropean Automotive sales in March are headline-grabbing but are flattered by the war and semiconductor-impacted March 2022 comparisons. However, it is the comparison to
Read MoreOperational leverage comes to the fore in JLR’s preliminary Q4 numbers with sales of c.15k higher resulting in free cashflow exceeding guidance by c.£400m. Net debt ended the
Read MoreThe lead story in the FT this morning refers to the dilemmas of the UK government and whether to support Tata Motors in its decision to
Read MoreThe headlines focus on the return to profit as chip shortages ease, but behind the obvious, the same topics still arise. The days of JLR continuing to increase their order book quarter after quarter will end with production ramping up over
Read MoreWith Q3 results due on 25th January, there is an increasing number of press articles cropping up. The main theme of the articles refers to the high-order book but
Read MoreAnother 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
Read MoreJLR continue to have supply issues and have decided to cut production in two of their factories for calendar Q123. Production at Solihull (where Range Rover Velar and Jaguar F-Pace are manufactured) will be
Read MoreJLR has announced this morning that Thierry Bolloré, CEO, has resigned. This is reported as for personal reasons, but we are surprised by the
Read MoreWe were a little disappointed by further semiconductor supply issues which impacted production in the quarter. The rest of the results are in line with previous guidance
Read MoreWill two swallows a spring make? Car Registrations in EU/EFTA/UK are up for the second month in a row. Overall YTD volumes are still at -
Read MoreJLR released their quarterly sales numbers and it is virtually the same as previous ones - record order book number and semiconductor shortages constraining actual production/sales numbers. The continued growth in the order book, albeit at a
Read MoreWe have recently focused on Aston Martin and its wrestling with supply chain issues in the first half of the year. However, we noted that Aston’s order book has been strong. Further evidence that those that can afford supercars are not cutting back yet was in Ferrari’s results. Ferarri, one of Aston’s key competitors, saw
Read MoreQ1 numbers were slightly disappointing but broadly irrelevant in the credit analysis of Jaguar LandRover. The chip shortages, Covid-related lockdowns and impact of inflation are
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