Jaguar Land Rover Reports Strong Sales Growth in the UK and North America Offset By Ongoing Challenges in China
Deepthi | Myequity news | Date : 09-11-2018 17:35:00 IST
Jaguar Land Rover today reported total retail sales of 44,282 vehicles in October 2018, down 4.6% year on year despite strong sales of newer models, namely the Jaguar I-PACE and E-PACE and the refreshed Range Rover and Range Rover Sport.
Retail sales rose significantly in the UK (46.9%) and North America (24.1%) with these new models.
Sales in China decreased by 49.0% as market conditions remain challenging amid tariff changes and continued trade tensions with the US, which are impacting consumer confidence and automotive purchases. Sales also declined in Europe (13.5%) due to ongoing diesel uncertainty and sales were 4.0% lower year on year in overseas markets.
Jaguar retail sales were 13,764 vehicles in October, up 11.6% year on year, driven by the E- PACE and I-PACE as well as the long wheel base XEL from the company’s Chinese joint venture.
Land Rover retailed 30,518 vehicles in October, down 10.5% year on year as increased sales of the refreshed Range Rover and Range Rover Sport as well as the Velar were offset by lower sales of the Evoque and Discovery Sport, primarily in China.
Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said: “We continue to face challenges in some markets, notably China. Despite this, we saw a strong performance in the UK and North America, which is a testament to our customers’ loyalty to our brands and the positive response of new customers to our evolving product line-up. As announced last week, we are implementing a turnaround plan and taking all the necessary steps to rejuvenate our business especially in China. This involves working closely with our sales network and balancing production with demand in the present market conditions to achieve healthy development for our future that is not unduly dependent on incentives.”
“Looking ahead to the end of the year, Jaguar’s growth trajectory remains positive, as the all-electric I-PACE and sporty E-PACE compact SUV are growing in popularity and driving demand. Meanwhile at Land Rover, while slowing sales in China are disappointing, we remain encouraged by positive demand for exciting new products such as the Velar and the refreshed Range Rover and Range Rover Sport.”
Jaguar Land Rover total retail sales for 2018 calendar year to date were 492,388, down 4.0% compared to the same period last year. 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.