Daily Management Review

China Sales Boost Helps Jaguar Land Rover To Report A Strong Quarter


10/28/2019




China Sales Boost Helps Jaguar Land Rover To Report A Strong Quarter
A steady and large growth in demand and sale of its vehicles in China has propelled the Indian owned British car making firm Jaguar Land Rover (JLR) to report a profit for the latest quarter. In the three months to 30 September, the British company that is now owned by India’s Tata Motors, reported making a pre-tax profit of £156m against revenues of £6.1bn which hjad grown by 8 per cent in the period year on year.  
 
There was an almost 25 per cent year on year growth in the sale of its cars in China which is the second largest car market in the world and therefore a key market for many of the largest and global car manufacturers.
 
The company reported that the quarterly performance of the company was propelled by the growing popularity and demand for its new models. For example, JLR said, there was growth of more than 50 per cent in the sale of its new Range Rover Evoque model.
 
This good performance of JLR also helped Tata Motors to offset some of the losses it made on the overall as the company reported a smaller than expected loss for the last quarter. For the entire quarter, the total loss of Tata Motors narrowed down to 2.17bn rupees or $31m or £24m compared to a loss of 10.49bn rupees in the same period a year ago.
 
After the JLR had confirmed its plans for shelving more than 4,500 jobs, the maximum number of the cuts being accounted for from the UK workforce of the company which totals about 40,000, a spokeswoman for the company said that the job cuts have been implemented now.
 
It was "encouraging to see the impact of our Project Charge transformation programme and our improvement initiatives in the China market start to come through in our results", said JLR chief executive Sir Ralf Speth while announcing the results.
 
Uncertainties around Brexit had forced the British company to shut down production for a week in April this year. Moreover, in order to adjust production due to uncertainties including Brexit and lower demand for diesel cars, the carmaker also plans to shut down UK factories for a week in November, the company representative said.
 
The company has previously given a call for tariff-free and frictionless trade after Brexit because about a fifth of its sales is accounted for by customers in Europe.
 
(Source:www.bbc.com)






Science & Technology

UK trials new breathing aid developed by Mercedes Formula One

Uber sues Los Angeles authorities over user data collection

Google Introduces New Coronavirus Website

WHO Warns That The Youth Are ‘Not Invincible' To The Novel Coronavirus

Chinese software company learns to recognize 95% of masked faces

World's largest retailer to use 5G for medical services

SpaceX Receives Approval To Create Research & Manufacturing Facility In Los Angeles

JPMorgan: Transition to e-money will be based on blockchain

Tesla In Advance Talks With CATL For Using Lithium Batteries

Financial giants and US government turn to quantum computers

World Politics

World & Politics

Aerospace Consortium To Build Ten Thousand Ventilator In Britain

US Ambassador To UK Holds China Responsible For Global Spread Of Coronavirus

China to lift quarantine in Wuhan on April 8

British Government Hires Former Nestle’s Executive For ‘War Room’ Food Security

Canada, Australia refuse to send athletes to Olympics 2020

Plans For A Possible Delay Of Olympics Being Formulated By Tokyo Organizers: Reuters

Maduro says Venezuela will receive UN assistance to fight coronavirus

2 Million Masks For Coronavirus Crisis In Europe Donated By Jack Ma