Tata Motors come into profit as Jaguar Land Rover sales move up
As rising fuel rising prices, the economic slowdown and high interest rates lower the sales of passenger and commercial vehicles in India, Tata Motors become dependent on its UK luxury unit to stir up profits.
As Jaguar Land Rover's (JLR) sales climbed an overall 21 percent to 102,644 units in the quarter Tata Motors Ltd romped home with a 71 per cent jump in net profit.
Tata's Nano which has been promoted as the world's cheapest car could not stir the market and the sale were well below expectations. There are also few buyers for SUVs which include the Sumo range as rivals have also come up with new models. There has not been an all- new Tata- branded passenger vehicle since 2010.
JLR, on the other hand, has been flourishing on vigorous demand for its Jaguar XF and XJ saloons and Range Rover sport- utility vehicles. China and the US have specially been good markets for these models.
Tata Motors acquired JLR in June 2008 from Ford Motor Company for $2.3 billion. A recorded net profit growth of a phenomenal 66.2 per cent year- on- year to 507 million pound and revenue jump of 40.3 per cent to 4,612 pound million during the quarter has been noted.
Tata said on Friday, revenue rose 31 per cent to Rs 56,882 crore. Tata Motors consolidated net profit surged 71 per cent to Rs 3,542 crore during the fiscal second quarter from Rs 2,075 billion a year earlier.
New Zealand News
- Tesla plans to open Superchargers to other automakers this year: Elon Musk
- 2022 Audi e-tron GT to hit US roads this summer, prices starting at $99,900
- South Korean EV battery manufacturers to invest $35 billion by 2030
- Chinese smart EV maker XPeng to join Hang Seng Composite Index
- New South Wales announces new policy to boost EV adoption
- TenneT adds more electric BMWs to study use of EVs to support power grids
- Italy’s ASPI announces plans to install cross-country ultra-fast EV charging network
- EV ownership costs significantly lower than conventional models: French Study
- Results of Tesla Model S Plaid fast charging study are quite amazing
- Garelli rolls out new electric scooter Ciclone E4 with more power