Jaguar Land Rover eliminates £5bn debt pile but warns of ‘significant threat’
The boss of Jaguar Land Rover has revealed the luxury car maker has eliminated its net debt pile which totalled £5bn at its peak.
Speaking alongside Sir Keir Starmer and Rachel Reeves during their visit to the Midlands, chief executive Adrian Mardell confirmed the milestone which has seen the manufacturer reduce its debt over a 31-month period.
At the end, the boss of Jaguar Land Rover (JLR) added said there was a “critical piece of work we need the government to help us resolve” after the imposition of global tariffs by Donald Trump.
Mardell said: “We are meeting at one of the most challenging times that face our industry.
“The multiple forces, economic, geopolitical and technology, converging together. So to continue to thrive and to enable ongoing JLR growth and ongoing UK PRC growth, we are working closely with this government in face of significant financial international uncertainty.
“While we welcome today’s announcement on ZEV, we all recognise we face a significant threat – the application of tariffs from the USA. This is now the critical piece of work we need the government to help us resolve.
“Of course, we have a clear intent to work through all significant challenges with them as a team in service of our people and this wonderful nation.”
Earlier today, City PM reported that The scale of the impact of Donald Trump’s tariffs facing Jaguar Land Rover was revealed as the luxury car maker outlined how many vehicles it exported to the US in the first three months of 2025.
The Coventry-headquartered automotive giant saw wholesale volumes in its fourth quarter rise by 14.4 per cent in North America.
The growth has been revealed after Jaguar Land Rover confirmed at the weekend that it will “pause” shipments to the US as it works to “address the new trading terms” of Donald Trump’s tariffs.
A 25 per cent levy on all foreign cars imported into America came into force on Thursday, and a wider “baseline” 10 per cent tariff on goods imported from around the world kicked in on Saturday morning.
In a statement on Saturday, a Jaguar Land Rover spokesperson said: “The USA is an important market for Jaguar Land Rover’s luxury brands.
“As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”
PM visit a ‘statement of intent’ for Jaguar Land Rover
Prime Minister Sir Keir Starmer said the UK had to “rise together as a nation” in response to global instability as he acknowledged the challenges posed by Donald Trump’s tariffs.
Speaking at the Jaguar Land Rover plant in the West Midlands, Sir Keir said: “These are challenging times, but we have chosen to come here because we are going to back you to the hilt.”
He said the visit was a “statement of intent”, showing the Government’s support.
The Prime Minister said: This is a moment for cool heads, nobody wins from a trade war, you know that.
“But it’s also a moment for urgency, because we’ve got to rise together as a nation to the great challenge of our age – and it is the great challenge – which is to renew Britain so we’re secure in this era of global instability.”
The Prime Minister said tariffs are a “huge challenge” and that we are in a “completely new world”.
“But this moment has also made something very clear – that this is not a passing phase.
“Just as we have seen with our national security and defence, particularly over recent months in relation to the war in Ukraine, now with our commerce and trade, this is a changing and completely new world.”
He added: “Let me be really clear, at a moment like this, our future is in our hands, and so of course, we will keep calm and fight for the best deal with the US, and we’ve been discussing that intensely over the last few days.
“But we are also going to work with our key partners to reduce barriers to trade across the globe, to accelerate trade deals with the rest of the world, and champion the cause of free and open trade right across the globe.”