Coventry, England - Jaguar Land Rover racked up a record loss after diesel sales slumped – but the company still insists that it is not trying to merge with French firm Peugeot.
Britain’s largest car maker swung to a £3.6bn (R66bn) loss for the year ended March 31.
This was mostly due to a £3.1bn (R56.7bn) write-down in the value of its investments in the third quarter, after demand for some of its newer models plunged.
Around half of this was because existing investments such as factories, equipment and car designs are worth less than previously hoped due to the problems faced by the industry. And the rest was money wiped off in an accounting correction because the firm expects to earn less in coming years than it previously expected.
It came as sales for cars such as Jaguar sedans halved compared with the same period the year before.