JAGUAR Land Rover has slipped into the red due to the ongoing shortage of computer chips.
Chief financial officer, Adrian Mardell, said: “We are encouraged by the continuing recovery in sales and the very strong demand for our products with record order books.
“However, the global shortage of semiconductors continues to be a challenge which has constrained our financial results in the first quarter.”
And he went on to warn that the situation could worsen before improving.
JLR recorded a first quarter pre-tax loss of £110m, the result of being was approximately 30,000 units lower than planned due to semiconductor supply issues.
Based on word from its suppliers, the company expects chip supply shortages in its second quarter to be greater than in the first quarter, potentially resulting in production volumes being up to 50 per cent lower than planned.
