Trade taxes halve profits at Jaguar Land Rover
The carmaker said Donald Trump's import taxes have had a 'direct and material impact on profitability' in the three months to June.
This week it announced a new chief executive after Adrian Mardell quit following a highly criticised 'woke' rebrand.
Profits fell 49 per cent to £351m in the second quarter of the year and blamed 'challenging global economic conditions'. Sales fell 9 per cent to £6.6billion.
But a trade deal between America and the UK would 'significantly reduce the financial impact of US tariffs'.
Levies on British vehicles dropped from 27.5 per cent to 10 per cent last month after a deal between Trump and Prime Minister Keir Starmer. JLR halted shipments to the US in April but restarted exporting in early May.
The profit plunge comes as the chief financial officer of JLR parent company Tata Motors, PB Balaji, 54, is set to take over as chief executive in November.
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Chants of 'shame on you' yelled by pro-Palestine supporters during demo at RAF High Wycombe
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BBC News
11 minutes ago
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Spurs to accelerate move to sign Eze from Palace
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The Guardian
41 minutes ago
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Farage adviser said UK would be better off if it had not fought Nazi Germany
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