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JLR sales drive Tata investors to tears
New Delhi, Nov. 9 -- Tata Motors Ltd's dismal September quarter highlights the challenges faced by the auto industry globally and the rising stress on the company's balance sheet. Even as its domestic entity is bouncing back, the deterioration in sales of its UK subsidiary Jaguar Land Rover Ltd (JLR) is now a festering wound. Compared to a contraction in sales of 5.1% year-on-year in the June quarter, JLR's sales fell by 14.7% in the September quarter. The "unanticipated surprise", as the management phrased it, was China's severe 43.8% drop in sales- a pathetic show given that the drop was 7.7% for the industry as a whole. Weaker consumer confidence and tariff uncertainties due to US-China trade tensions were blamed. The story in the US and...
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