Tata Motors global wholesales decline 16% in July-Sept, but stock rises 8%
1 min read.Updated: 06 Oct 2020, 07:05 PM ISTAgencies
The drop in sales of its commercial vehicles and Daewoo range was higher at 29% during the second quarter of FY21 as compared to passenger vehicles sales, which declined 9%
Tata Motors on Tuesday said its group global wholesales, including Jaguar Land Rover, declined by 16% to 2,02,873 units in the second quarter of the current financial year over the year-ago period. However, the company's stock on BSE rose nearly 8% to ₹144.45.
The drop in sales of its commercial vehicles and Daewoo range was higher at 29% (56,614 vehicles) during the second quarter of FY21 as compared to passenger vehicles sales, which declined 9% (1,46,259 units) over the second quarter of the previous fiscal, according to a release.
Global wholesales for Jaguar Land Rover were 91,367 vehicles in the July-September quarter of FY21. Jaguar wholesales for the quarter were 18,189 vehicles, while Land Rover wholesales for the quarter were 73,178 vehicles, Tata Motors said.
Sales in China were particularly encouraging during the period under review, up 14.6 per cent over the previous quarter and 3.7 per cent on a year-on-year basis, it added.
Retail sales in other regions, including the UK, Europe, North America and other markets, also significantly improved from the prior quarter, JLR said.
However, sales in these regions have not yet recovered to the levels a year ago, it added.
"COVID-19 and second lockdowns continue to impact the global auto industry, but we are pleased to see sales recovering across our markets. In China, the first region to come out of lockdown, our performance has been particularly encouraging," JLR Chief Commercial Officer Felix Brautigam said.
The recovery has been demand-led and the company has been able to reduce stocks to achieve ideal levels in most markets, despite the ongoing pandemic, to support a healthier and more profitable business, he added.
Almost all of its retailers worldwide are now open or partially open and the plants have resumed production with robust protocol and guidelines in place, the automaker said.
The vehicle manufacturing plants at Solihull (UK), Halewood (UK) and Nitra (Slovakia), as well as the Engine Manufacturing Centre (UK), have now increased to a two-shift pattern to meet increasing demand, it added.