Jaguar Land Rover (JLR) posted flat wholesale and retail volumes for the full financial year 2024-25 (FY25) at 400,898 units and 428,854 units respectively. In the fourth quarter, the retail sales slipped 5.1 per cent to 108,232 units even as wholesales were up marginally by 1.1 per cent to 111,413 units.
Interestingly, the wholesale volumes were up 14.4 per cent in North America for the fourth quarter. JLR has paused shipments to the US in April after President Donald Trump declared a 25 per cent tariff on automobile imports. The company does not have a plant in the US and exports cars to that country from the UK and Slovakia plants.
US is JLR’s most important market, accounting for roughly a quarter of its sales.
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China continues to remain a pain-point in JLR’s global sales. In Q4FY25, Chinese wholesale volumes fell by 29.4 per cent, even as North America grew by 14.4 per cent, Europe by 10.9 per cent, and the UK remained flat at 0.8 per cent. Excluding the Chery Jaguar Land Rover China joint venture, the wholesale volumes (111,413 units) was up 6.7 per cent, compared to the previous quarter (Q3FY25), and up 1.1 per cent year-on-year.
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The US tariffs come at a time when JLR is facing challenges in China. “China continues to remain under stress. However, JLR remains the least impacted with a decline of just 3 per cent, compared to the industry’s decline of over 20 per cent. Its inventory in China is also well under control,” Motilal Oswal analysts had said in a note last month.
The mix of Range Rover, Range Rover Sport and Defender in FY25 was 67.8 per cent of total wholesales.
Retail sales for the fourth quarter of 108,232 units (including the Chery Jaguar Land Rover China JV) were down 5.1 per cent, compared to Q4FY24 and up 1.8 per cent compared to Q3FY25.
In addition, JLR achieved its net debt zero target, ending the financial year net cash positive.

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