Tata Motors-owned Land Rover on Wednesday said its new sports utility vehicle -- Range Rover Evoque, which will hit the market in 2011, will carry a starting price tag of 30,000 pounds (about Rs 21 lakh).
The only silver lining in March's performance -- which otherwise dragged down the financial year's momentum -- was a 6 per cent year-on-year (Y-o-Y) growth compared to March of the previous year. This is largely due to incentives, festival-driven gains, and new launches.
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Tata Motors on Friday reported a 62.2 per cent decline in consolidated net profit to Rs 4,003 crore in the June quarter, impacted by volume decline across segments, drop in JLR profits due to US tariffs and high base effect due to gain from sale of discontinued operations. The auto major had posted a consolidated net profit of Rs 10,587 crore in the April-June quarter of the previous fiscal, Tata Motors Ltd (TML) said in a regulatory filing.
From its lows in December, the stock of Tata Motors is up about 15 per cent. The gains came on the back of better than expected December volumes in its UK-based subsidiary Jaguar Land Rover (JLR). This coupled with gradual recovery in the global passenger vehicle demand, improving profitability due to product mix and lower commodity costs are expected to be key positives for the company.
Tata Motors' UK-based subsidiary, Jaguar Land Rover or JLR, reported a muted operational performance in the December quarter of financial year 2021-22 (Q3FY22). The luxury carmaker saw a 33 per cent year-on-year (YoY) decline in wholesale volumes to just under 70,000 units in Q3, against estimates that were 16 per cent higher. The drop in despatches to dealers was on account of shortage in semiconductors.
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JLR, the maker of Jaguar F-Type and Range Rover Evoque, was a jewel in the crown of Tata Motors till two years back. But, it has been struggling because of the pending Brexit, a sharp contraction in sales in China, a shift in consumer preference from diesel to gasoline in Europe, higher taxes on diesel vehicles, and tightening regulations.
For UK automakers, market access to India will be limited by quantity caps and phased tariff cuts, especially on petrol, diesel and electric vehicles.
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Tata Motors surpassed Maruti Suzuki (India) (MSIL) to become the most-valuable automobile company, in terms of market capitalisation (mcap), after a gap of seven years. With this, the company's stock hit a new high on the BSE on Tuesday (January 30). The combined mcap of Tata Motors (Rs 285.51 crore) and Tata Motors DVR (Rs 29,119 crore) stood at Rs 3.146 trillion.
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Since price is a big stumbling block, the company is looking at assembly of Evoque in India.
It is fully geared up for the new tax regime and its vehicles will be available under the new prices with immediate effect.
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Tata Motors-owned Jaguar Land Rover on Monday launched a special edition of its latest sports utility vehicle Range Rover Evoque, which will hit the market in October with a price tag of 79,995 pound (over Rs 65 lakh).
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The company said over 80 per cent Range Rover Evoque production was exported to 170 countries across the globe.
Tata Motors' 2022-23 (FY23) January-March quarter (fourth quarter, or Q4) results were better than Street estimates, with strong showing across Jaguar Land Rover (JLR), as well as commercial and passenger vehicle businesses in the domestic market. The company posted its highest consolidated top line and operating profit, with growth of 35 per cent and 46.5 per cent, respectively, over the year-ago quarter. While the top line was aided by a 49 per cent growth in the JLR unit, all key segments reported margin expansion.
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Land Rover on Tuesday said its first diesel hybrid sports utility vehicle will hit the roads by 2013 for which testing of the prototype named 'range e' will start this year-end.
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Overall, volume growth is likely to be in the range of 3-8 per cent for two-wheelers and 5-7 per cent for passenger vehicles owing to healthy demand from urban and rural areas and pending order books.
India's luxury car rental market is experiencing a surge in demand, particularly in Tier 1 cities such as Mumbai, Bangalore, and Delhi, with executive travellers, especially from the tech sector and younger demographics like the millennials and the Gen Z, increasingly renting high-end vehicles for special occasions and domestic travel. Luxorides, a luxury car rental company, observed a 40 per cent year-on-year rise in bookings in 2024 (until April) on popular routes like Delhi-Rishikesh, Delhi-Vrindavan, and Delhi-Jim Corbett National Park, as well as Chandigarh-Manali and Chandigarh-Ladakh.
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Tata Motors-owned marquee brand Land Rover today reported its best ever monthly sales in the UK market where it is based, with 11,300 units sold in March, up 67 per cent from the same month last year.
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Using artificial intelligence techniques, Jaguar Land Rover self-learning car will offer a comprehensive array of services to the driver, courtesy of a new learning algorithm that recognises who is in the car and learns their preferences and driving style, the company said.
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