Jaguar Land Rover leaves Russia after two years of losses
4 November 12:57
The British automaker Jaguar Land Rover has finally transferred its Russian assets into the hands of local managers. This is evidenced by an entry in the Unified State Register of Legal Entities of the Russian Federation, reports Komersant ukrainskyi
on October 31, the company’s Russian representative office, Jaguar Land Rover LLC, was sold, according to Russian media, to a “group of local top managers.” Now the owner of 100% of the shares is VSKD Motors LLC, registered in Moscow at the end of 2022.
Jaguar Land Rover established a Russian representative office in Moscow in 2008, focusing on the import, sale and service of premium Land Rover and Jaguar vehicles. According to Russian media, the company’s record year in the Russian market was 2014, when its revenue exceeded 60 billion rubles, which at the time amounted to approximately $1.58 billion. At that time, Jaguar Land Rover sold about 23,000 vehicles, of which 21,100 were Land Rover and 1,600 were Jaguar.
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However, in early 2022, Jaguar Land Rover suspended the supply of cars to Russia due to their full-scale invasion of Ukraine. This led to a significant reduction in the company’s revenues, which fell to 7.5 billion rubles (about $110.29 million) in 2022 and to 1.5 billion rubles (about $18.75 million) in 2023. Since 2022, the company has been operating in the red. In 2022, Jaguar Land Rover’s net loss here exceeded 1 billion rubles ($14.71 million), and in 2023 – 560 million rubles ($7 million).
As reported by , a Chinese manufacturer has entered the car plants abandoned by Western companies.
