Tata Motors Ltd’s Jaguar Land Rover unit can’t seem to get back in the right lane.
The Indian automaker’s luxury arm dropped into the red in the quarter ended September 30, posting a pretax loss of 90 million pounds ($116 million), with Ebit margins below breakeven and volumes down. Sales in China, where the high-end market is still growing, tanked. JLR has long been a profit center for the whole company. This time it took the domestic Indian business down with it, reversing recent signs of recovery there.
Not only was JLR’s performance dismal, there were few indications of a brighter future.