JLR retail sales down 8% yoy in November due to 50% drop in China volumes

Sales growth in North America, Europe, and the UK were offset by a huge sales drop in Chinese markets.

Dec 07, 2018 09:12 IST India Infoline News Service

Jaguar Land Rover (JLR), the Tata Motors-owned British luxury carmaker, has reported an 8% yoy decline (9% mom growth) in retail vehicle sales in November 2018.

JLR sold 48,160 cars in November 2018 against 52,332 cars in November 2017 and 44,282 cars in October 2018. The company sold 14,909 Jaguars in November 2018, up 9% yoy and 8% mom, while it sold 33,251 Land Rovers, down 14% yoy and up 9% mom.

The decline in overall volumes was mainly caused by the 51% yoy decline in Chinese sales due to market uncertainty, sales deferment post import duty cut, and the ongoing SIno-US trade tensions.

Volumes in all other geographies, however, were up.

North America was up 18% yoy, Europe 6% yoy, and UK 3% yoy. In the case of Jaguar, lower sales of Jaguar sedans and F-PACE were offset by the introduction of E-PACE and I-PACE. In the case of Land Rover, strong sales of the refreshed Range Rover and Range Rover Sport were more than offset by lower sales of Discovery Sport, Discovery, and Evoque, primarily in China. The latest Land Rover model, the all-new Range Rover Evoque, was announced last month and will go on sale in CY2019 with hybrid powertrain options.

Tata Motors Ltd share price is currently at Rs162.85, up Rs0.45, or 0.28%, from its previous close of Rs162.40 on the BSE. The scrip opened at Rs162.60 and has touched a high and low of Rs164.20 and Rs160.75, respectively. So far, 81,77,240 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs51,395.87cr.

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