Lack of major triggers may cap near term upsides for Tata Motors

While India volumes remain strong, JLR sales have been muted in the December quarter

Tata Motors’ UK-based subsidiary, Jaguar Land Rover or JLR, reported a muted operational performance in the December quarter of financial year 2021-22 (Q3FY22).

The luxury carmaker saw a 33 per cent year-on-year (YoY) decline in wholesale volumes to just under 70,000 units in Q3, against estimates that were 16 per cent higher. The drop in despatches to dealers was on account of shortage in semiconductors.

Retail sales for the period fared even worse, with volumes falling 38 per cent over the year-ago period to just over 80,000 units. Among key markets, the UK was the biggest underperformer as sales fell