JLR Sales Soar 33% in September, Tata Motors Shares Slip on Domestic Decline

7 Oct 2024 , 12:21 PM

Tata Motors shares were in focus on October 7 following the announcement of Jaguar Land Rover’s (JLR) 33% year-on-year growth in sales for September.

At the time of writing on October 7, 2024 at 12:21 pm, shares of Tata Motors is trading at ₹929.95 which is a 0.086% dip than the previous close. Tata Motors stock has gained a total of 50% in the last one year, and almost 17% since the beginning of the year.

In September, JLR’s UK sales reached 10,807 units, a significant increase from 8,125 units in September 2023.

Land Rover sales surged by 47%, with 8,933 units sold in September 2024, compared to 6,117 in the same month the previous year. August sales were 2,681 units, and July recorded 6,121 units.

Jaguar’s sales dropped by nearly 10%, recording 1,814 units sold in September 2024 compared to 2,008 units in September 2023.

Tata Motors’ domestic sales in September saw a 15% year-on-year decline, with 69,694 units sold. This is lower than the 82,023 units recorded in September 2023.

On a month-on-month basis, Tata Motors recorded a 0.4% increase in sales.

The company attributed the drop in domestic sales to weak consumer demand, seasonal factors, slower infrastructure projects, and reduced mining activity affecting the heavy commercial vehicle (HCV) segment.

Electric vehicle sales fell by 23% year-on-year, with 4,680 EVs sold in September compared to 6,050 in September 2023.