Mexican Media Brands
JLR’s Profile Slides as Sales Slow in China
Jaguar Land Rover's revenue in the second quarter dropped 7% to 5 billion (€7.1 billion). Net income plunged 29% to 492 million (€695 million), and operating profit skidded 25% to 821 million (€1.2 billion).
#economics
Share
Jaguar Land Rover's revenue in the second quarter dropped 7% to 5 billion (€7.1 billion). Net income plunged 29% to 492 million (€695 million), and operating profit skidded 25% to 821 million (€1.2 billion).
The company blames a sharp decline in unit sales in China, which fell by one-third to 21,900 units in April-June. Global sales dipped 1% to 114,900 units in spite of a 28% gain to 28,900 in Europe.
The decline caused a 48% drop to 27.8 billion rupees (€396 million) in quarterly net profit for JLR owner Tata Motors Ltd. Tata has been relying on the British luxury brands to offset sluggish demand in India for the company's domestic vehicles.
Tata has reduced JLR's sales and production targets for 2015 by an undisclosed amount. The unit previously predicted its worldwide sales would reach 500,000 vehicles in 2015 from 462,700 last year.
Jaguar and Land Rover already have reduced prices in China to help bolster sales. JLR, like most other carmakers experiencing slower sales growth in China, believes upcoming new models will stimulate demand.
RELATED CONTENT
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
All About the 2018 Honda Accord
The common wisdom seems to be that midsize cars have pretty much had it in the U.S. new car market.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.