Slow sales in China and Europe have hurt Jaguar Land Rover, but it has a plan B ready
The US automobile market hit speed bumps in 2008, even before the recession started. Ford, which was America’s second largest carmaker at that time, was looking to overhaul its operations and it put its British luxury car subsidiary, Jaguar Land Rover (JLR), on the block. Around the same time, half a world away, Tata Motors, India’s largest automobile company, was looking to step up its game in passenger car manufacturing. A year earlier, Tata had launched the Nano, the 1 lakh car. JLR was at the other end of the spectrum, but, Tata went ahead and bought the marquee British brand for $2.3 billion.
The global financial crisis hit in a few months and, as automotive volumes slumped in major markets, Tata Motors made a consolidated loss of 25.05 billion in 2008-09. Over the years, however, chief executive Ralf Speth steered JLR out of the slow lane, and profits soared on the back of successful models like the Range Rover Evoque and the F-Pace, Jaguar’s first SUV. In the financial year ended in March 2018, Tata Motors registered a consolidated net profit of 90.91 billion, much of it coming from JLR.
Things, however, are a bit different 10 months later. Sales have been slipping in China, one of JLR’s major markets. Also, as consumer preference has been shifting from diesel to hybrids and electric vehicles in Europe, JLR has cut production and slashed jobs. In the first half of the current financial year, it reported a loss before tax of £354 million. In the same period a year ago, it had made a profit before tax of £953 million.
In 2018 (January-December), JLR sold 5,92,708 units, down 4.6 per cent from the previous year. In China, sales plunged 22 per cent, in Europe 8 per cent and in the UK 2 per cent. North America, however, bucked the trend, registering a 7 per cent growth. In other markets, sales were up 7 per cent, to 96,844 units.
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Themes Of Choice
As Savvy Investors Seek New Avenues, Thematic Mutual Funds Are Gaining Popularity
A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
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COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
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India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
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MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict