Jaguar Land Rover (JLR) profits fell by half after a slump in sales as the luxury group was pummelled by US trade tariffs on car parts.
The carmaker said Donald Trump’s import taxes have had a ‘direct and material impact on profitability’ in the three months to June.
This week it announced a new chief executive after Adrian Mardell quit following a highly criticised ‘woke’ rebrand.
Profits fell 49 per cent to £351m in the second quarter of the year and blamed ‘challenging global economic conditions’. Sales fell 9 per cent to £6.6billion.
In the pink: Jaguar Land Rover announced a new chief executive after Adrian Mardell quit following a highly criticised ‘woke’ rebrand
But a trade deal between America and the UK would ‘significantly reduce the financial impact of US tariffs’.
Levies on British vehicles dropped from 27.5 per cent to 10 per cent last month after a deal between Trump and Prime Minister Keir Starmer. JLR halted shipments to the US in April but restarted exporting in early May.
The profit plunge comes as the chief financial officer of JLR parent company Tata Motors, PB Balaji, 54, is set to take over as chief executive in November.
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