Carmaker would have reported a profit, despite Covid, if £1.5bn had not been written off in U-turn
Jaguar Land Rover made a loss of £860m for its full financial year after its new boss wrote off £1.5bn in a strategy rethink, despite a recovery in sales since the slump at the start of the coronavirus pandemic.
JLR would have made a £660m profit in the year to 31 March if not for the writedown, it reported on Tuesday. The carmaker has the largest automotive manufacturing operation in the UK, but in 2020 lost its crown as the biggest UK carmaker by volume to Nissan.
