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3w ago

JLR First-Quarter Profit Halves to £351m as US Tariffs Bite

Elevated US import duties drove a 49% drop in JLR’s Q1 pre-tax profit before the benefit of new trade pacts for tariff relief.

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Jaguar is in the process of phasing out petrol and diesel models to relaunch as an electric brand
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Tata Motors EVs | Image: Tata mOtors

Overview

  • Jaguar Land Rover’s Q1 FY26 revenue fell 9.2% to £6.6 billion and pre-tax profit plunged 49.4% to £351 million against a year earlier.
  • US-imposed tariffs that raised duties on UK and EU exports to 27.5%, along with currency headwinds, prompted a one-month pause in shipments to America in April.
  • A UK-US trade deal effective June 30 caps duties on British-made vehicles at 10% for up to 100,000 units and an EU-US agreement from July 27 will cut tariffs on EU-built cars to 15%.
  • Under its Reimagine Strategy, JLR will invest £3.8 billion this fiscal year to develop next-generation electric Range Rover and Jaguar models and to finish new EDU and battery lines in Wolverhampton.
  • CEO Adrian Mardell will hand over leadership to PB Balaji in November 2025 as the company positions itself for tariff relief and accelerated electrification.