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Jaguar Land Rover Celebrates Sustained Growth as it Readies for an Electrifying Future

by Jason Remnant 25 Jul 2023
Jaguar Land Rover make ÂŁ435m profit in first financial quarter and eye switch to full electric

Jaguar Land Rover (JLR) has reported continued growth in the first quarter of 2023, with sales up by 12.4% compared to the same period last year. The company cited strong demand in China, where sales rose by 127%, as well as a recovery in North America and Europe.

The strong sales figures come as JLR prepares to shift its focus towards electric vehicles (EVs). The company has committed to offering an electrified version of every model in its range by 2024, and plans to have its first fully electric Land Rover model on the market in 2024. The company also plans to invest in hydrogen fuel cell technology as a potential alternative to battery-electric vehicles.

JLR CEO Thierry Bollore said the company's growth in the first quarter was "a clear indication of the continued demand for our vehicles" and "a testament to the hard work and dedication of the entire JLR team". Bollore added that the company's shift towards EVs was "crucial to our future success", and that JLR was "fully committed to a zero-emissions future".

The growth in sales is a positive sign for JLR, which has faced challenges in recent years due to Brexit uncertainty and the Covid-19 pandemic. The company has also been working to streamline its operations and cut costs, including reducing its global workforce by around 2,000 employees.

Despite these challenges, JLR has remained committed to investing in new technology and expanding its product range. In addition to its shift towards EVs, the company recently announced plans to launch six all-new electric models by 2026 under its Reimagine strategy. The first of these models is expected to be a new electric Jaguar XJ sedan.

JLR's continued growth and commitment to electric and hydrogen fuel cell technology are positive signs for the future of the company. As the automotive industry continues to transition towards electric and sustainable vehicles, JLR's investment in these technologies will be crucial to its success in the years to come.

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