Shares of owner of luxury carmaker Jaguar Land Rover, Tata Motors, rose as much as 6.24 per cent to hit an intraday high of Rs 304.50 after sales of Jaguar Land Rover rose 12.4 per cent annually to 1,23,483 units in Januay-March period. "China sales were up 127 per cent compared to a year ago when that market was heavily impacted by Covid-19. Sales in North America were also up year-on-year (+10.4 per cent), while other regions remain lower than pre-Covid levels, including Overseas markets (-10.0 per cent), the UK (-6.8 per cent) and Europe (-4.9 per cent)," Jaguar Land Rover said in a press release.
“The award-winning new Land Rover Defender contributed significantly to the overall year-over-year growth, with 16,963 units sold in the quarter. Other Land Rover models with increased sales in the quarter include the Land Rover Discovery Sport ( up 28.6 per cent), Range Rover Sport ( up 20.7 per cent) and Range Rover ( up 15.8 per cent). Jaguar models up in the quarter include XF (up 28.4 per cent), XE (up 5.6 per cent) and F-TYPE (up 55.8 per cent),” Jaguar Land Rover said in a press release.
For the full 2020/21 fiscal year, Jaguar Land Rover global retail sales totaled 439,588 vehicles, down 13.6 per cent on the previous year as a result of the impact of the pandemic. Growth in China was strong, with retails reaching 111,206 vehicles, up 23.4 per cent year-on-year
“While the Covid-19 pandemic has an ongoing impact on the global auto industry, I am pleased to end the financial year with sales up year-on-year in the last quarter. Encouragingly, the steady recovery throughout the year follows the direction of our Reimagine strategy: the quality of our sales improved even more than the volume, with a focus on our most profitable car lines, higher specifications and lower incentives. Despite very different Covid restrictions worldwide we also achieved our objective of balanced sales across our key markets. Felix Brautigam, Jaguar Land Rover Chief Commercial Officer,” Felix Brautigam, Jaguar Land Rover Chief Commercial Officer said in a statement.
As of 3:29 pm Tata Motors shares traded 5.2 per cent higher at Rs 301, outperforming the Sensex which was 1.5 per cent.