Jaguar Land Rover’s net income fell 29 percent to £492 million in its latest quarter as the Chinese market’s 25 year high slowdown hit sales.
Jaguar Land Rover’s vehicle sales in China fell by a third to 21,920 during the quarter, pulling down its global sales by 1 percent to 114,905. Sales in Europe rose 28 percent to 28,878 vehicles.
JLR’s operating profit declined by a quarter to 821 million pounds ($1.27 billion) and revenues fell 7 percent to 5 billion pounds, parent Tata Motors said in a statement today.
JLR’s China troubles caused Tata Motors’ net income to fall 49 percent to 27.7 billion rupees ($434 million) in the April-June quarter.
Western European new-car sales jumped 8.8 percent to 1.09 million in July, boosted by higher demand in Germany and recovering Italian and Spanish markets, analysts LMC Automotive said.
The market researchers said July’s strong result reflects the improving economic backdrop and a more positive consumer sentiment.
