Tata Motors posts 64% slump in group global wholesales

Tata Motors group global wholesales tumbled 64% to 91,594 units in Q1 June 2020 over Q1 June 2019.

Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in Q1 FY21 stood at 11,598 units, down 89% over Q1 FY20. Global wholesales of all passenger vehicles in Q1 FY21 were at 79,996 units, lower by 49% compared with Q1 FY20.

Global wholesales for Jaguar Land Rover (JLR) were 65,425 vehicles. Jaguar wholesales for the quarter were 17,971 vehicles, while Land Rover wholesales for the quarter were 47,454 vehicles, the auto major said in a BSE filing during market hours on Friday (10 July).

Tata Motors on Thursday said that its subsidiary JLR's retail sales for the three-month period to 30 June 2020 were significantly impacted by Covid-19 in line with the unprecedented market conditions, but improved month-on-month through the quarter. Strict lockdowns and social distancing measures for Covid-19 resulted in temporary shutdowns of most retailers and the company's manufacturing plants in April and much of May.

Over 95% of Jaguar Land Rover's retailers worldwide are now open or partially open and all of the company's plants have resumed manufacturing, with the exception of the Castle Bromwich facility, which will gradually restart in August. All plants are operating on single shifts with social distancing measures in place and production ramping up as demand grows.

In the Q1 quarter, retail sales in China were down 2.5% year-on-year as lockdown measures were lifted earlier than in other regions and the solid recovery continues. Retails in North America were down 32.1%, the UK was down 69.5%, Overseas down 46.9%, and Europe down 59.1%.

Tata Motors is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. Jaguar Land Rover is the UK's largest automotive manufacturer, built around two iconic British car brands - Jaguar and Land Rover.

Tata Motors added 0.93% to Rs 108, extending gains for second day. The stock has risen 2.42% in two sessions from its recent closing of Rs 105.45 recorded on 08 July 2020.

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