Jaguar Land Rover Suffers 85% China Sales Decline Due to Coronavirus
Indian automaker Tata Motors (NYSE: TTM) saw an 85% decline in February sales at its Jaguar Land Rover (JLR) unit compared to a year ago due to dealership closures in response to COVID-19, the company said in a statement on its website Friday.
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Tata said China sales at JLR grew about 25% year-over-year from July through December, and the company continued to see "strong growth" for the first three weeks of January. In the first half of February only about 20% of dealers remained open, but that number has since increased to over 80% although capacity reductions remain. The company expects the reductions to reverse this month, but it sees retail sales recovering more gradually. "The timeline for a complete rebalancing of supply and demand is dependent on the further developments in the coming 4-6 weeks," Tata said. "Domestic business is positive to overcome the current challenge with a limited impact on its overall FY21 performance."
Source Fool.com
