The latest accounts of the Jaguar team in Formula E show an increase in the manufacturer's investment.
The Jaguar Racing team has seen an increase in its revenues during the past season, according to accounts closed on March 31. With 10.22 million pounds, the British team spent 8.765 million pounds in the 2018-2019 season. After-tax profits fell in one year, from 411,000 pounds on March 31, 2018 to 400,000 pounds last season.
In contrast, the Jaguar Land Rover (JLR) group experienced a 5.8% drop in sales during the same period, with 578,915 vehicles sold. In 2018-2019, the group belonging to Tata Motors lost 358 million pounds before taxes, for 24.2 billion pounds of revenue. £ 3.8 billion was invested in product development, new technology, expanding the manufacturing footprint and streamlining the product creation process.
Jaguar Racing, a showcase for Jaguar Land Rover
Jaguar contributes mainly to its racing team, although the team has various sponsors (Panasonic, GKN, Viessmann).
The financial statement highlights that "JLR will aim to ensure sufficient funding for the racing program that will allow us to build a team and a car capable of lasting success in a championship in the future''. For this, the Jaguar team was authorized to 8.7 million pounds of short-term loans from group companies through a non-monetary settlement. At the end of the financial year, the Formula E team owed only 0.9 million pounds against 23.1 million the previous year. £ 33 million in assets and liabilities have been offset with the JLR group.
Last season, the Jaguar team finished seventh in the fifth season of Formula E. The team underwent a change of drivers during the season, replacing Nelson Piquet Jr by Alex Lynn. The British team won once last season at the E-Prix in Rome.