Range Rover Evoque Sport sport utility vehicles (SUV) sit outside Jaguar Land Rover Plc's assembly plant, a unit of Tata Motors Ltd., in Halewood, U.K., on Monday, Feb. 5, 2018. Being split off from their biggest market means the job cuts and production slowdown U.K. carmakers have imposed the past few months could be just a prelude to wholesale shutdowns. Photographer: Matthew Lloyd/Bloomberg
According to latest news provided by the company, Jaguar Land Rover profitable in it’s latest quarter while working through it’s cost cutting program.
According to the company’s official news, the UK’s automaker made a whooping profit of 156 million pounds which is nearly equal to $200 million US dollars, and the revenue rose upto 8% from the previous year’s compared revenue equivalent to 6 billion pounds.
The company owning Jaguar, Tata motors itself lost 2.17 billion rupees, equivalent to $31 million US dollars, in the 3rd quarter of this year.
Even the previous year, Tata motors had to suffer a disastrous loss of 10.5 billion rupees, the internal sources confirm.
Tata has been hit by the worst-ever slump in India’s auto market and an economic slowdown in China that leads to the decreasing demands for vehicles including Jaguar Land Rover’s premium offering.
According to sources, demand for Jaguar Land rover vehicles in China is now stabilised, according to the confirmation given by Chief financial officer in a conference call with reports. Jaguar has to suffer from quality issues and inspection troubles with it’s entire dealership network in the world’s biggest auto market.
Reports pins that Jaguar is closing it’s UK factories for a week in November to guard against disruption to supply chains from a possible no-deal Brexit, in Europe. The unit has almost completed a 2.5 billion pound saving drive, which includes cutting thousands of jobs worldwide.
Tata group. which is the proud owner that owns Tata motors, is open for finding partners for the automaker but is not planning on selling the embattled division, according to the statement made by Chairman Natarajan Chandrasekhar said in an interview.
Britain’s largest carmaker, which has made a number of interventions over the threats posed by a hard Brexit on the automotive industry’s profit margin, celebrated a return to profit in the fourth quarter of the 2018-19 financial year.
Jaguar Land Rover is focused for the future as we overcome the structural and cyclical issues that impacted the results in the past financial year.
The company claims on building on the sustained investment of recent years in new products like electric and shared technologies that will drive the future demand.