Jaguar Land Rover Sales Impacted By Ongoing China Market Uncertainity
Deepthi | Myequity news | Date : 08-10-2018 18:45:00 IST
Jaguar Land Rover reported total retail sales of 57,114 vehicles in September 2018, down 12.3% year on year despite strong sales for new models including the Range Rover Velar and the Jaguar I-PACE and E-PACE.
Sales in China declined by 46.2%, as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand. Jaguar Land Rover sales were down a modest 0.8% in the UK and 4.7% in Europe, which saw large industry declines of 20.5% in the UK and 31% in Germany primarily relating to the timing of new WLTP homologation rules as well as reduced diesel demand. In North America, Jaguar Land Rover sales were 6.9% lower, largely reflecting lower industry sales (down 5.5%) and reduced incentives on Jaguar sedans, although Land Rover had a record September with sales up 7.3%. “While sales of Land Rover models ahead of upcoming new and refreshed models are lower, we are encouraged to see strong customer demand for the new Range Rover Velar and Range Rover and Range Rover Sport Plug-in Hybrid variants as we head into the winter months,”
Strong sales of new models including the electric Jaguar I-PACE, the Jaguar E-PACE compact SUV, and the Range Rover Velar helped offset slower sales of older models, such as the Range Rover Evoque and the Land Rover Discovery Sport.
Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said: “As a business we are continuing to experience challenging conditions in some of our key markets. Customer demand in China in particular has struggled to recover following changes in import tariffs in July and intensifying competition on price, while ongoing global negotiations on potential trade agreements have dampened purchase considerations. Despite this, we expect lower tariffs on UK imports to be beneficial over the full year. For Jaguar, we are continuing to see positive customer response to new products to market. The all-electric I-PACE and the sporty E-PACE compact SUV in particular, which have only recently joined our line-up in China, are driving demand globally.”
he added. About Jaguar Land Rover:
Jaguar Land Rover is the UK’s largest automotive manufacturer, built around two iconic British car brands: Land Rover, the world’s leading manufacturer of premium all-wheel- drive vehicles; and Jaguar, one of the world’s premier luxury sports saloon and sports car marques.