Inmotion Ventures, the investment arm of Jaguar Land Rover (JLR), made a loss during its latest financial year after backing six new companies. The Coventry-headquartered business has posted a pre-tax loss of £2.6m for the year to March 31, 2024, newly-filed accounts with Companies House have revealed.
The loss comes after Inmotion Ventures made a pre-tax profit of £2.1m in the prior 12 months. The results also show the business made a gross investment return of £4.
6m, down from £7.2m. During the year Inmotion Ventures invested £946,000 in Energy Source, which provides, maintains and recycles lithium batteries.
It also invested £1m in EV Energy, which connects electric vehicles to grid networks. Inmotion Ventures also backed Cesiumastro, which offers secure global software enabled connectivity from Low Earth Orbit satellites, to the tune of £1.5m.
In total, Inmotion Ventures backed six new companies and made follow-on investments in seven others within its existing portfolio. The accounts come after Jaguar Land Rover reported record full-year results as sales of its luxury Range Rover and Defender models drove growth. In May, it was reported that the automotive giant had netted a record £29bn in revenue last year, up 27 per cent, while its pre-tax profit rose to £2.
2bn to the highest level since 2015. Chief executive Adrian Mardell hailed a “year of strategic progress” in which JLR pledged to inject £15bn over the next half-decade to ramp up electric vehicle (EV.