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) production.
“The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement,” Mardell said.
“We are entering the next exciting phase of our Reimagine strategy, which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”