Tata Motors shares declined nearly 4 percent in morning on Friday after the Jaguar Land Rover's global sales performance dented by China.
US-based luxury car maker Jaguar Land Rover said its retail sales in February 2019 fell 4.1 percent to 38,288 vehicles, compared to February last year.
"Strong sales of I-PACE, E-PACE, refreshed Range Rover and Range Rover Sport were offset by overall weak customer demand in China as well as the run out of the old Range Rover Evoque," it reasoned.
The company said sales of the all new Evoque are expected to ramp up over the coming months.
related news Zensar Technologies gains 4% after co selected as IT transformation partner by US co Arvind Fashions debuts at Rs 590.95 on NSERetail sales were up significantly in North America (25.4 percent) and UK (11.3 percent) while Europe posted modestly higher growth of 1.1 percent in sales.
However, weaker market conditions continued to weigh on sales in China, which posted a decline 47.6 percent YoY, JLR said.
Jaguar retail sales in February increased 5.8 percent year-on-year to 12,235 vehicles, driven by increased sales of E-PACE and the all-electric I-PACE.
However, Land Rover retailed 26,053 vehicles in February, down 8.1 percent year-on-year as strong sales of the refreshed Range Rover and Range Rover Sport were more than offset by the run out of the Evoque and lower sales of other models primarily impacted by the weaker conditions in China.
JLR performance has been hitting the stock hard for long as it fell 47 percent in last one year. At 10:46 hours IST, the stock was quoting at Rs 182.75, down Rs 6.45, or 3.41 percent on the BSE. First Published on Mar 8, 2019 10:58 am
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