Tata Motors’ auto subsidiary Jaguar Land Rover Automotive PLC brought in better sales results on Thursday, as it finds support on strong demand of its sport utility vehicles (SUV).
The UK-based luxury carmaker said that its retail sales for the month of November grew 10 percent year on year to 52,332 vehicles, mainly driven by gains from its SUVs, Land Rover Discovery and Range Rover Velar.
Jaguar Land Rover’s operations director Andy Goss stated that November has been a positive month for the company, as it saw robust sales worldwide across all of their key regions.
Sales of the automaker overseas rose 19.7 percent. Other areas, including China gained 19.1 percent, UK at 8.6 percent, and North America increased by 7.8 percent. Europe on the other hand, was the only one to weaken as it dropped 2.1 percent.
Moreover, Jaguar was only able to sell 13,688 vehicles in November, which was 6.3 lower from the same month last year.
Poor sales of its XE model were the main contributing factor for Jaguar’s shortcomings, as strong demand for its long wheel base XFL in China was unable to offset softer sales of the XE.
Goss said that despite Jaguar’s weak performance, future performance of both brands are expected to improve on the launch of its new compact SUV, E-PACE, as well as with the new 18 MY Range Rover and its plug-in hybrid Range Rover Sport.
Meanwhile, Land Rover saw its retail sales grow 17.2 percent to 38,644 vehicles in November, primarily headed by strong demand for its new Discovery, while the launch of its Range Rover Velar somewhat made up for the sales deficit of the Range Rover Sport.
The company said that retail sales of its refreshed Range Rover and Range Rover Sport, including plug-in hybrid variants will start in the New Year.
During the first nine months of its latest financial period, Jaguar Land Rover’s sales have went up by an overall of 45 percent from last year’s period.
The company is expected to go on with the sales momentum on account of new products as well as network expansion.
Jaguar Land Rover is set to start delivering Range Rover Velar models by the end of January 2018 and it expects the vehicle to be one of its main volume drivers in the SUV segment.
Jaguar Land Rover’s India president and managing director Rohit Suri stated that the Velar fills the space in their Range Rover portfolio between Evoque and Discovery Sport, adding that this is a product that will greatly help them in the market.
Suri also said that the model will be fully imported and the company has received nearly 100 percent pre-bookings for up to March next year. Suri did not reveal the booking numbers.
Tata Motors shares closed up 1.3 percent higher to ₹402 on Thursday, following Jaguar Land Rover’s sales report.
FSMNews provides up to date information about forex, commodities, stocks, technology, economy and a lot more. Subscribe now to FSMNews and get updated with the latest market events.