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Jaguar Land Rover loses millions as chip shortage takes toll
Jaguar Land Rover has revealed it has lost £9m in the last three months of 2021 amid the global computer chip shortage
British car maker, Jaguar has seen its retail sales dive by 37.6% compared to this time a year earlier. The company revealing it had sold 80,126 vehicles in the quarter to the end of December.
Despite that fall in production the company saw revenue of £4.7bn, up 22% on the previous quarter.
Automakers and other manufacturing companies globally have been hit as they struggle to secure supplies of semiconductor chips
“Whilst semiconductor supplies have continued to constrain sales this quarter, we continue to see very strong demand for our products underlining the desirability of our vehicles,”
JLR’s chief executive Thierry Bolloré said in a statement.
Jaguar Land Rover also warned that it expects the chip shortage to continue throughout this year but expect supplies to gradually improve.
JLR also said that its order book has hit a new record high of around 155,000 vehicles, due to strong demand for the new Range Rover.