JLR profits fall by nearly 50% as US tariffs hit

BUT TRADE DEALS HAILED LOOKING AHEAD

- HOLLY WILLIAMS News Reporter

LUXURY carmaker Jaguar Land Rover has seen profits nearly halve after a slump in sales and a hit from US trade tariffs.

The group reported a 49.4% plunge in underlying pretax profits to £351 million in its first quarter to the end of June.

It follows a 9.2% drop in revenues to £6.6 billion, after a temporary pause in exports to the US and the planned winddown of older Jaguar models ahead of the launch of new electric ranges in 2026.

JLR said US tariffs had a "direct and material impact on profitability and cash flow in the period".