Crash: Jaguar Land Rover slumps to €3bn loss
JAGUAR Land Rover crashed to a £3.6bn (€3.22bn) annual loss as it was weighed down by a slump in Chinese sales.
The luxury car manufacturer, which announced 4,500 job cuts earlier this year, was heavily dragged down by a £3.3bn write-down in the third quarter.
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It slumped from a £400m profit in the previous financial year as it was hit by the economic slowdown in China. Weakness in the Chinese car market, which was cited as a key reason for job losses, resulted in a 5.8pc decline in sales to 578,915 vehicles in the region.
However, the firm was positive about recent sales after it delivered a £120m pre-tax profit in the fourth quarter to March 31 following nine months of losses.
Jaguar Land Rover (JLR) was also optimistic about unit sales in the UK and in north America, which jumped 8.4pc and 8.1pc respectively during the year. Full-year revenues fell 5.6pc to £7.1bn, as growth in the US and UK was offset by "weaker Chinese market conditions".