SECOND QUARTER SALES CONSTRAINED BY SEMICONDUCTOR SUPPLY IN LINE WITH GUIDANCE
Whitley, UK, 8th October 2021 – Jaguar Land Rover retail sales for the three-month period to
30 September 2021 continued to be constrained by the impact of the global semiconductor
shortage on production, with wholesales for the period in line with July guidance. Underlying
demand for Jaguar Land Rover products remains strong with order books at record levels.
Retail sales for the second quarter ending 30 September 2021 were 92,710 vehicles, 18.4%
lower than the 113,569 vehicles sold in Q2 last year. Retails were lower year-on year in most
regions, including North America (-15.6%), China (-6.3%), Europe (-17.0%), and in the UK (-
47.6%), but were up in our Overseas region (+10.0%).
Retail sales of all models were lower year-on -year with the exception of the new Land Rover
Defender, which retailed 16,725 vehicles, up 70.4% year-on -year, making it our bestselling
model in the quarter.
In line with July guidance, Q2 FY22 wholesales totaled 64,032 units (excluding the China JV),
down 12.8% year-on year. As with retails, wholesales were lower year-on -year in all regions
apart from our Overseas region (+40.5%) and for most models, except the new Land Rover
Defender up 18.0% on 14,305 wholesales.
Despite the impact of the semiconductor shortage on production and sales, the Company
continues to see strong demand for its products with global retail orders at record levels in
excess of 125,000 vehicles.
Commenting on the sales results, Lennard Hoornik, Jaguar Land Rover Chief Commercial
“The global semiconductor supply issue represents a significant near-term challenge for the
industry which will take time to work through. However, it’s encouraging we were still able
to grow sales of the Land Rover Defender in Q2. Moreover, we are delighted to have a record
Company order book demonstrating the underlying demand for our products which we will
satisfy when the semiconductor supply recovers.”
At the start of November, Jaguar Land Rover expects to report unaudited results for the three
months ending 30 September 2021. At the end of the period, the Company had about £3.8
billion of cash and short-term investments (unaudited), after the issuance of a $500 million 8
year 5.500% and €500 million 7 year 4.5% bond in July. Despite the continuing
semiconductor supply constraints, Jaguar Land Rover expects to report a free cash outflow
of under £0.7 billion for the quarter, significantly better than the £1 billion outflow initially
anticipated. Total liquidity at the end of the second quarter is expected of about £5.9 billion
including a £2.0 billion undrawn committed revolving credit facility (RCF).
Looking ahead, the chip shortage remains dynamic and difficult to forecast , however, the
Company expects semiconductor shortages to gradually ease over about the next 12 months
Q2 retail sales summary