Tata Group-owned Jaguar Land Rover aims to clock 28 billion pounds in revenue in FY2024 and 30 billion pounds in revenue by FY26, the company said. As part of the company's ‘Reimagine’ strategy, Jaguar Land Rover will invest three billion pound per annum in order to expand its portfolio. The company has a target of free cash flow of 2 billion pound in FY24 and plans to reduce the net cash debt to zero by FY25. As of March 31, 2023, the company's net debt improved to 3 billion pounds with cash of 3.8 billion pounds and liquidity of 5.3 billion pounds.

According to the stock exchange filing, the company expects to achieve an EBIT (earnings before interest and tax) by more than 6% in FY24 and by more than 10% by FY26. In FY23, the company’s EBIT margin stood at 2.4%.

Jaguar, which has luxury SUVs such as Range Rover, Defender and Discovery under its portfolio, will be riding on Agratas Energy Storage Solutions, Tata Group’s lithium-ion cell manufacturing facility in Gujarat, to fulfill its EV (electric vehicles) ambitions globally. Earlier this month, Tata Group had announced to set up a lithium-ion cell manufacturing facility in Gujarat, with an investment of ₹13,000 crore and a production capacity of 20-gigawatt hours. Jaguar Land Rover plans to become an electric-first, modern luxury carmaker by 2030, by achieving a net cash-positive position by FY25 and double-digit EBIT (earnings before interest and taxes) by 2026. With the automobile industry doubling down on electric vehicles, Jaguar Land Rover had earlier said that the company will invest 15 billion pounds over the next five years as it plans to expand its electric vehicle footprint. The UK-based company had said that its Halewood plant in the U.K. will become an all-electric production facility and its next-generation medium-size SUV architecture, electrified modular architecture (EMA), will now be pure-electric.

The luxury SUV maker said that Jaguar has a strong order book of 2,00,000 units, with Range Rover, Range Rover Sport and Defender accounting for 76% of its order books. The company claimed that its fulfilment rates continue to improve.

Like its peers, the company offers tech-driven products to its customers. Through its partnership with Tata Technologies, which is an engineering arm of Tata Group, the luxury car maker plans to accelerate the digital transformation of Jaguar Land Rover’s industrial strategy. By partnering with software major NVIDIA, Jaguar plans to develop and deliver next-generation automated driving systems plus AI-enabled services and experiences for its customers.

In the March quarter of FY23, the company’s profit before tax and exceptional items stood at 368 million pounds. In Q4 of FY23, the company clocked a revenue of 7.1 billion pound, up 49% year-on-year (YoY). The company’s revenue from operations surged 25% YoY to 22.8 billion pounds as the semiconductor woes improved. The company sold 94,649 wholesale units in the March quarter, whereas the company sold 3,21,362 units in FY23.

In April, the company said that its engine manufacturing centre in Wolverhampton, UK, which is currently producing ingenium internal combustion engines for its vehicles, will have an electric future producing electric drive units and battery packs for Jaguar Land Rover’s next-generation vehicles. It will be renamed the Electric Propulsion Manufacturing Centre to reflect the move. With this, the company said that its stamping facilities that prepare pressed body metalwork for Jaguar Land Rovers vehicles will be expanded to play a key role in the company’s electric future, by providing bodywork for next-generation electric vehicles. 

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