Tata Motors' luxury vehicles arm JLR posts 21% rise in retail sales in Q2

Tata Motors' luxury vehicles arm, Jaguar Land Rover (JLR), posted a 21 per cent rise in retail sales to 106,561 units for the second quarter of the financial year 2023-24, while wholesales were up 29 per cent year-on-year to 96,817 units, riding on improved supplies.

Sequentially, both wholesales and retail sales increased.

“Wholesale volumes in the period were 96,817 units (excluding the Chery Jaguar Land Rover China JV), up 29 per cent compared to the same quarter a year ago, and up 4 per cent compared to the quarter ended 30 June 2023, notwithstanding the annual two-week summer plant shutdown,” it said.

 

Retail volumes were higher year-on-year in all regions: Overseas up 56 per cent, North America up 32 per cent, Europe up 16 per cent, UK up 9 per cent and China up 7 per cent.

For the first half of the financial year, wholesales amounted to 190,070 units (up 29 per cent year-on-year) and retail sales were 208,555 units (up 25 per cent year-on-year).

“The order book continues to reflect strong demand for our products with 168,000 client orders at the end of the second quarter, reducing from 185,000 at the end of the first quarter, as expected, with increased order fulfilment. Demand for the Range Rover, Range Rover Sport, and Defender remains particularly strong, representing 77 per cent of the order book,” the company stated.

Based on preliminary cash balances, JLR currently expects a positive free cash flow of around £300 million in Q2 FY24, it added. JLR will report full financial results for Q2 FY24 at the beginning of November.