Mumbai, July 7, 2023 – Tata Motors, India’s leading automaker, experienced a significant surge in its Jaguar-Land Rover (JLR) sales during the April-June quarter, propelling the company to new heights. The demand for JLR vehicles, particularly the Range Rover, Range Rover Sport, and Defender models, remains strong, driving Tata Motors’ stock to reach an all-time high of Rs 621.50, with a gain of over 3 percent.
Jaguar-Land Rover‘s wholesale volumes for the first quarter amounted to an impressive 93,253 units, reflecting a remarkable 30 percent increase compared to the same period last year. Retail sales also witnessed substantial growth, rising by 29 percent year-on-year to 101,994 units, including the Chery Jaguar Land Rover China joint venture.
Among the various markets, retail volumes saw the most substantial expansion in overseas markets, surging by a remarkable 83 percent. North America and China also witnessed significant growth, with sales climbing by 42 percent and 40 percent, respectively. The United Kingdom experienced a more modest increase of 6 percent, while the European market remained relatively stable.
Tata Motors’ stock closed at Rs 618.90 on the National Stock Exchange, marking a notable 3.2 percent increase by the end of the trading day on July 7.
Also read: Tata Motors Share Price Accelerates to New Heights as June Sales Surpass Expectations
The company highlighted that its order book remains robust, with over 185,000 client orders recorded at the end of the quarter. As chip and supply constraints continue to improve, Tata Motors anticipates meeting these orders efficiently. Notably, the demand for the Range Rover, Range Rover Sport, and Defender models accounted for a significant portion, representing 76 percent of the order book.
Market analysts and investors eagerly anticipate the upcoming earnings season, which is set to commence next week. Tata Motors’ quarterly earnings will be closely scrutinized, given the impressive performance of its luxury arm, JLR.
Jaguar-Land Rover also expects to report positive free cash flow of over £400 million in the first quarter of FY24, based on preliminary cash balances. This positive financial outlook further strengthens Tata Motors’ position in the market and augurs well for future growth and investment opportunities.
As Tata Motors continues to thrive on the back of robust JLR sales, the company’s success is a testament to its strategic focus on delivering exceptional vehicles that captivate consumers worldwide.
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