Jaguar Land Rover (JLR) has reported further pre-tax losses during the previous quarter, totalling £395 million ($707.7m), compared to the £264m ($473m) during the same period last year.
According to a report by Automotive News Europe, in collaboration with Reuters and Bloomberg, the falling profits are the result (in part) of an "ongoing slump in car demand at home, as well as plant shutdowns and delays due to Britain's planned exit from the European Union".
Global sales of Jaguar and Land Rover products fell 11.6 per cent to 128,615 units for the quarter, though JLR posted record sales in the UK (up 2.6 per cent year on year) while sales in China also rose compared to the month before.
Parent company Tata Motors told the publication the results reflect lower revenue resulting in weaker market conditions, along with additional plant shutdown time due to Brexit contingency planning and delays in certification for WLTP regulations.
An additional challenge JLR faces is uncertainty in its home of the UK, with new Prime Minister, Boris Johnson, promising to deliver Brexit within 100 days regardless of whether the nation leaves the European Union with a 'divorce deal'.
"Should there be an event of a no deal, then that's something we should be ready for. We already had it all ready for March 31, and therefore we will re-activate those plans," said P.B. Balaji, chief financial officer for Tata Motors.
Meanwhile, JLR's CEO, Ralf Speth, said the company's new models should help return it to profit within the coming fiscal year.
In Australia, Jaguar and Land Rover sales have been a bit of a mixed bag. As of June 30, Jaguar is up 3.9 per cent year to date despite a slowing market, though its monthly sales for June were down 24.4 per cent.
Land Rover, on the other hand, was down 6.1 per cent for the month of June and down 12.1 per cent year to date – these figures include Range Rover models.