Tata Motors said that its subsidiary Jaguar Land Rover retail sales for the three-month period to 30 June 2020 were significantly impacted by Covid-19 in line with the unprecedented market conditions, but improved month-on-month through the quarter.
The announcement was made after market hours yesterday, 9 July 2020. Shares of Tata Motors settled 1.47% higher at Rs 107 yesterday.
June retail sales were 35,334 vehicles, down 24.9% year-on-year, but represented an improving monthly trend within the overall quarter, with total sales of 74,067 which was down 42.4% year-on-year. Strict lockdowns and social distancing measures for Covid-19 resulted in temporary shutdowns of most retailers and the company's manufacturing plants in April and much of May.
Over 95% of Jaguar Land Rover's retailers worldwide are now open or partially open and all of the company's plants have resumed manufacturing, with the exception of the Castle Bromwich facility, which will gradually restart in August. All plants are operating on single shifts with social distancing measures in place and production ramping up as demand grows.
For the quarter, retail sales in China were down 2.5% year-on-year as lockdown measures were lifted earlier than in other regions and the solid recovery continues. Retails in North America were down 32.1%, the UK was down 69.5%, Overseas down 46.9%, and Europe down 59.1%.
JLR said that retail sales of all models were lower year-on-year, but against this background the best-selling vehicles were the Range Rover Sport, the new Range Rover Evoque and the Land Rover Discovery Sport. Customer response to the new Land Rover Defender has been overwhelmingly positive and, as retailers have come back on line, there has been a surge of interest in the toughest and most capable Land Rover ever, JLR said.
Tata Motors is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. Jaguar Land Rover is the UK's largest automotive manufacturer, built around two iconic British car brands - Jaguar and Land Rover.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
