Tata Motors Ltd. (TTMT), India’s biggest automaker, said June sales of its Jaguar brand vehicles declined while Land Rover deliveries rose, driven by demand for the Evoque compact sport utility vehicle.
Total deliveries at the Jaguar Land Rover unit, which counts sales of both brands, climbed 39 percent last month from a year earlier to 28,215 units, Mumbai-based Tata Motors said in a statement today. That compared with the 28,658 average estimate of 13 analysts surveyed by Bloomberg News. Jaguar deliveries fell 5 percent to 3,829 units, while Land Rover sales gained 49 percent to 24,386.
The Jaguar Land Rover unit, based in Gaydon, England, has increased its contribution to Tata Motors’ revenue as emerging- market sales help counter a slowdown in Europe. Tata Motors plans to invest 2 billion pounds ($3.1 billion) in the unit this year to develop new models and expand factories to cater to rising demand in China and Russia.
Tata Motors fell 1.7 percent to 231.90 rupees as of 2:10 p.m. in Mumbai trading, headed for the lowest close since June 14. The shares have gained 30 percent this year, compared with a 11 percent increase in the benchmark Sensitive Index. (SENSEX)
The unit is in discussion with a number of parties about producing vehicles in Brazil, the company said in a separate statement. The Financial Times reported that the company is in talks to build the Freelander vehicle from kits imported to Brazil from the U.K., citing an interview with Chief Executive Officer Ralf Speth.
To contact the reporter on this story: Siddharth Philip in Mumbai at email@example.com
To contact the editor responsible for this story: Young-Sam Cho at firstname.lastname@example.org