JLR retail sales skid 12 pc in FY20 due to COVID-19 crisis

Whitley [UK], Apr 18 (ANI): Jaguar Land Rover said on Saturday its retail sales in fiscal 2019-20 totalled 5.08 lakh vehicles, down 12.1 per cent year-on-year primarily as a result of the coronavirus pandemic significantly impacting sales in the fourth quarter.
The company's total retail sales for the quarter ending March 31 were 1.09 lakh vehicles, down 30.9 per cent compared to the same period last year.
Fiscal 2019-20 sales were impacted across all regions with lower sales in North America (7.5 per cent down on record prior year), China (8.9 per cent), UK (9.6 per cent), Europe (16.1 per cent) and overseas (20.3 per cent).
China had generated double digit growth in Q2 and Q3. With lockdown measures easing, nearly all of the company's retailers in the region have now reopened and sales are recovering.
Despite the impact of coronavirus, retail sales of the new Range Rover Evoque were up 24.7 per cent year-on-year and sales of the all-electric Jaguar I-PACE increased by 40 per cent. The very first sales of the new Land Rover Defender also took place in the fourth quarter.
In light of the ongoing coronavirus situation, Jaguar Land Rover has temporarily suspended production at its facilities outside China. In addition, the company is tightly managing all other costs and investments as well as working capital.
Jaguar Land Rover will be reporting audited results at a later date but ended this financial year with 3.6 billion pounds of cash and short-term investments and an undrawn revolving credit facility of 1.9 billion pounds.
The year 2019-20 has been a year of unprecedented disruption for the automotive sector, said company's Chief Commercial Officer Felix Brautigam.
"Despite the impact of regulatory change, shifting consumer tastes, Brexit and ongoing trade tensions, sales for Jaguar and Land Rover were showing improvement until the coronavirus pandemic hit in the fourth quarter," he said in a statement.
(ANI)