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Jaguar Land Rover suffers massive fourth-quarter loss
09 February 2019, 11:07 | Hattie Nash
Jaguar stutters to £3.4bn loss after demand stalls
Shares of Tata Motors settled at Rs 182.90 apiece, up 2.64 percent on the BSE. Its heavy production presence in the United Kingdom exposes it to a disorderly Brexit, the likelihood of which has risen over the past few weeks, Fitch Ratings said this week.
While Tata has announced plans to turn around JLR, the slide in the unit's sales has continued for now with retail sales in China falling almost 50 percent during the quarter ending December 31.
Carmakers are being hit by stronger regulations and demand for cleaner models.
Last month Jaguar Land Rover joined Honda and Toyota in announcing a post-Brexit temporary plant shutdown, which will affect all three of its United Kingdom auto factories, as well as its engine plant in Wolverhampton.
Jaguar chief executive Ralf Speth said: "Jaguar Land Rover reported strong third-quarter sales in the United Kingdom and North America, but our overall performance continued to be impacted by challenging market conditions in China".
Tata Motors has faced a decline in sales in India as well. We continue to work closely with Chinese retailers to respond to current market conditions with a "pull" based approach to vehicle sales.
Carmakers have been on the frontline of economic pressures in the world's second-largest economy as growth slows, with sales falling in China for the first time in nearly three decades during 2018. Daimler AG and BMW AG reduced profit forecasts past year amid pressures from the US-China trade war that's hit auto demand, while Hyundai Motor Co. said last month its letting workers go as it reviews production plans in the worlds biggest market.
The company said it's overhauling its China operation, cutting back on deliveries to reduce stock. Changes in market conditions, especially in China, technology disruptions and rising cost of debt resulted in the charge. Ltd. said by phone.
"Given the muted demand scenario and the associated impact on the financials, Jaguar Land Rover has concluded that the carrying value of capitalized investments should be adjusted down, resulting in a non-cash £3.1 billion pre-tax exceptional charge and an overall pre-tax loss of £3.4 billion for the quarter", said Tata Motors in a statement. This is expected to result in a one-time exceptional redundancy cost of around £200 million for the luxury unit of Tata Motors.
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