Jaguar Land Rover Q1 retail sales flatten on China lockdowns, chip shortage

Jaguar Land Rover

Jaguar Land Rover on July 7 reported sales volumes for the three-month period starting April 2022 to June 30, 2022. Despite a record order book, JLR sales were constrained in the first quarter of FY2022-23 due to the impact of the coronavirus lockdowns in China coupled with a global chip shortage that was compounded by the runout of the prior model -- Range Rover Sport, with the deliveries, just starting.

Retail sales for the quarter ending June 30 were 183 units lower at 78,825 vehicles (broadly flat) as compared to the sales in the previous quarter ending March 31, 2022; it was down 37 percent (46,000 units) from the same quarter a year ago ending June 30, 2021. Compared to the prior quarter, retails were higher in the United Kingdom (+10 percent) and Europe (+49 percent) but was lower in China (-5 percent), North America (-30 percent), and overseas (-10 percent), reflecting the transition to new models and delivery times to these markets.

Wholesale volumes were 71,815 units in the period (excluding JLR’s China joint venture), down six percent compared to the previous quarter ending March 31, 2022.

According to an exchange filing, Jaguar Land Rover “continues to see strong demand for its products, with global retail orders again setting new records in the quarter. As of June 30, 2022, the total order book has grown to almost 2,00,000 units, up around 32,000 orders from March 31, 2022. Demand for the New Range Rover, New Range Rover Sport, and Defender are particularly strong with over 62,000, 20,000, and 46,000 orders, respectively.”

The company is looking to report unaudited results for the quarter ending June 30, 2022, later this month.