Jaguar Land Rover issues profits warning

Luxury British carmaker Jaguar Land Rover (JLR) will post a lower pre-tax profit in 2015 than in the previous fiscal year thanks to a chemical explosion made in China’s Tianjin port that destroyed thousands of its cars.

JLR had up to 5,800 cars damaged or destroyed in a chemical explosion at Tianjin in August, as reported by The Guardian.

“We will have this year a lower profit number than last year,” he said. “It’s (because of) the investments number and this ... very special event in China,” said the company’s chief executive, Ralph Speth.

Speth said thousands of the company’s vehicles caught up in the Tianjin explosion “cannot be repaired” but that the firm was unsure as to the state of the rest of them.