In the last financial year, Jaguar Land Rover lost £422 million, with the last period ending on the 31st March. Up until the pandemic, JLR had started to recover from previous financial issues and started to turn a profit as sales were up too.
Like all other car companies, JLR has been hit badly by the current coronavirus pandemic which has resulted in a drop in demand. Between January and March, JLR sales dropped by 31% year on year and JLR has said that global demand for products was down by 62.5% in April this year, year on year.
As mentioned, JLR had started out this financial year on a high, with Range Rover Evoque sales up by 24.7% year on year, Jaguar I-Pace sales have increased by 40% as well as other products doing well.
However, the company has said it does expect a recovery, now that a large portion of its retail locations have reopened again, as has its number of factories.