JLR quarterly profits fall by half as tariffs hit car sales

Jaguar Land Rover's profits almost halved in the last quarter as the impact of US tariffs and declining sales rocked the luxury carmaker.

- Gwyn Topham

The Tata-owned manufacturer said tariffs and currency headwinds were behind a steep 49% fall in underlying pre-tax profits to £351m in the three months to 30 June.

The period started with the announcement of swingeing global tariffs by the US president, Donald Trump, which briefly led to JLR pausing exports to the US.

A UK-US trade deal, under which car export tariffs were cut from 27.5% to 10%, was welcomed by JLR, but the hiatus contributed to a near-£700m drop in revenues year-on-year, down 9.2% to £6.6bn.