Overview

• Retail sales fell 15% year-on-year to 94,420 units and wholesale shipments declined 11% to 87,286 in Q1 FY26.
• The wind-down of legacy internal-combustion Jaguar models ahead of new electric launches was a key driver of lower volumes.
• A 25% US import tariff in April prompted a temporary halt in exports until a UK-US deal capped duties at 10% on 100,000 vehicles.
• Wholesale volumes dropped 26% in the UK, 12% in North America and 14% in Europe, while rising 21% in MENA and 1% in China.
• Range Rover, Range Rover Sport and Defender models made up 77% of volumes and JLR trimmed its FY26 EBIT margin forecast to 5–7% from 10%.