Jaguar Land Rover's profit was almost entirely erased last year as the British luxury-car maker tries to recover from the impact of US tariffs, a demand slump in China and a cyberattack that roiled production.
The manufacturer of Range Rover sport utility vehicles on Thursday reported a pretax profit of £14 million ($19 million) for the 12 months through March, down from £2.5 billion a year earlier.
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JLR was pushing through an ambitious plan to create an entire new lineup of fully electric Jaguar cars when US President Donald Trump raised import tariffs for the carmaker's largest market. A drop in luxury demand in China has also piled on pressure, along with a crippling cyberattack starting last September that shut down production for weeks.
JLR made a profit in the latest three-month period, recovering from a loss in the previous quarter, as it moves toward a full recovery from the shutdown.
That helped its Indian parent Tata Motors Passenger Vehicles Ltd., which reported earnings for its latest quarter that were better than analysts expected but still down from a year earlier. JLR accounts for nearly two-thirds of its sales.
JLR chief executive officer P B Balaji, who joined from Tata Motors in November, is pushing ahead with a plan to revive the Jaguar brand, which has stopped producing vehicles until the new lineup is ready.
The company plans to unveil the first new Jaguar and deliver the first electric Range Rover later this year.
