Jaguar Land Rover slumps to £3.6bn loss amid Chinese sales slide

21 Mai, 2019, 04:42 | Auteur: Auguste Feret
  • Source Getty

Brexit-related disruption and a slowdown in sales in China, once Jaguar Land Rover's (JLR) fastest-growing market, have hammered Tata's finances.

He is being replaced by his former deputy Adrian Mundell, 57, who was appointed Jaguar Land Rover's cost-cutter-in-chief as the company's transformation director. The automaker's loss came at ₹26,993 crore for the three months ended 31 December.

China's recent economic slowdown - caused in part by its trade war with the U.S. - has hit JLR hard, and was cited as one of the main reasons for the announcement of 4,800 job losses earlier this year.

Tata, India's biggest automaker by revenue, said tighter control of expenses and a turnaround at JLR helped boring the impact of an economic slowdown at home as it posted its first quarterly profit for the fiscal year that ended on March 31.

Total income stood at Rs 3,04,903.71 crore for the last fiscal as against Rs 2,96,298.23 crore in 2017-18, the filing said.

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Revenue from wholly owned subsidiary Jaguar Land Rover Automotive PLC fell 5 per cent to Rs 65,146 billion.

The vehicle manufacturer, which has already announced thousands of job cuts in the United Kingdom in the first months of 2019, made the loss after a £400m profit in 2018. The unit brings in most of Tata's revenue.

Balaji said Tata had no plans to sell JLR.

Tata Motors' domestic business posted a standalone net profit of Rs 106.19 crore for the quarter, compared to a net loss of Rs 499.94 crore a year ago. We have continued to step up our pace of innovation, improved our market shares as well as our profitability.

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