Jaguar Land Rover "much stronger" post pandemic, Co. future ready to be a leader in electrified luxury vehicles, says N Chandrasekaran
He said JLR has come out of the pandemic “much stronger”, with a future-ready strategy that the company will execute flawlessly
For the luxury carmaker, while the pandemic and Brexit resulted in lower consumer demand along with disruptions in production, supply chain and retail networks, the company made a critical contribution to the Tata Group’s worldwide efforts to help communities.
“Despite a 14% drop in revenue to £19.7 billion, the business improved its EBIT margins by 250 basis points to 2.6% and generated positive free cash flows of £185 million. Looking into the next year and beyond, I am happy that we have come out of the pandemic much stronger, with a future-ready strategy that we will execute flawlessly,” said Chandrasekaran in his address to the shareholders in the FY21 annual report.
The retail sales declined 14% for the year with China being the exception growing by 23%. The all-new Land Rover Defender was a standout performer retailing 45,200 units for the full year as well as winning the 2021 World Car Design of the Year.
During the year, Chandrasekaran said the company had a smooth CEO transition where Thierry Bolloré took over as the CEO of Jaguar Land Rover from Professor Sir Ralf Speth.
