Jaguar Land Rover (JLR) reported a total sales of 1,670 units in the British market for the month of February, representing a 33% YoY increase in sales. JLR has been reporting positive results in recent times with the company returning to profit in the prior quarter. Its revenues were at £6bn, up 28% YoY and profit before tax was at £265mn, up from a loss before tax of £9mn during the prior year’s same period. It also said that liquidity was strong at the end of the quarter with £3.9bn of cash. Days before the reported sales, Tata Motors has requested for more than £500mn of financial support from the UK government to establish a battery factory. In collaboration with Chinese battery maker Envision, the factory will be pivotal in the production of JLR’s fleet of electric vehicles.
JLR bonds were trading higher with its 5.875% 2028s up by 1.2 points at 86.88 yielding 9.3%.