Slumping sales of Jaguars and Land Rovers saw owner Tata Motors post a INR3.3bn (US$68.4m) consolidated loss for the June quarter against year-ago profits of INR7.2bn. Year-ago numbers don’t include JLR which Tata bought from Ford in June last year.
Go deeper with GlobalData
Tata revealed that the number of JLR cars sold to dealerships worldwide in the three months to the end of June had fallen to 35,900, from 69,000 last year.
In the UK, sales slid 23% in the three months to the end of June to 10,700 cars.
Chairman Ratan Tata has hired KPMG International and Roland Berger Strategy Consultants to advise on cost-cutting and said last month that JLR needs “major cost reductions”. JLR has cut 2,200 British jobs since September, reducing the workforce to 14,500.
But Tata said in August that JLR won’t need a bailout from the UK government as it completed funding arrangements with commercial lenders and the European Investment Bank. The company successfully concluded talks with banks for a GBP340m loan ($554m) from the EIB, it said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
