Jaguar Land Rover has posted its first quarterly profit for two years as the shortage of computer chips eased during its latest financial period.
The automotive giant, which has UK operations across the Midlands and the North West, has posted a pre-tax profit of £265m for the three months to December 31, 2022, compared to a £9m loss during the same period in 2021.
The last time JLR posted a quarterly profit was the £439m it achieved in the three months to the end of December 2020.
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Despite the strong end to 2022, JLR made pre-tax losses of £524m in the first three months of its financial year year followed by a loss of £173m in the next quarter.
In its most recent full financial year, JLR posted a pre-tax loss of £445m and a revenue of £18.3bn.
In its latest quarter, JLR's revenue rose by 28% to £6bn "reflecting strong model mix and pricing as the production ramp up of the New Range Rover and New Range Rover Sport continued".
Interim chief executive Adrian Mardell said: "Jaguar Land Rover has returned to profit as chip shortages eased in the quarter and production and wholesales increased.
"These improved results are testament to the hard work and dedication of our people across the business who have delivered a further increase in production of our New Range Rover and Range Rover Sport models.
"We remain committed to our Reimagine strategy which will transform JLR into an all-electric modern luxury business, whilst delivering our SBTi climate goals and striving to exceed our clients' expectations."
JLR has UK sites in Whitley, Gaydon, Solihull, Manchester, Castle Bromwich, Wolverhampton and Halewood.
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