UK-based luxury carmaker Jaguar Land Rover reported significant improvement in September quarter sales over the previous quarter with China sales also growing in double digits.
The subsidiary of Tata Motors registered retail sales at 1,13,569 vehicles in the quarter ended September 2020, a 50 percent growth over the previous quarter, but fell 11.9 percent compared to a year-ago period.
"Jaguar Land Rover retail sales for the three-month period to September 2020 were significantly improved from sales in the preceding quarter but continue to be impacted by COVID-19," the company said in its BSE filing.
China sales were particularly encouraging, up 14.6 percent on the previous quarter and 3.7 percent year-on-year, while the month of September also saw sales up 28.5 percent year-on-year in China, the company added.
Among other regions, the UK witnessed a massive 231.6 percent QoQ growth in retail sales, Europe up 78.8 percent, North America up 21.3 percent and Overseas up 35.1 percent.
However, "sales in these regions have not yet recovered to pre-COVID levels a year ago: UK (down 2.9 percent), North America (down 15.8 percent), Europe (down 19.8 percent) and Overseas markets (down 30.3 percent)," Tata Motors said.
Almost all of Jaguar Land Rover's retailers worldwide are now open or partially open and the company's plants have resumed production.
The vehicle manufacturing plants at Solihull (UK), Halewood (UK) and Nitra (Slovakia), as well as the Engine Manufacturing Centre (UK), have now increased to a two-shift pattern to meet increasing demand.
"The recovery has been demand-led and we are delighted that we have been able to reduce stocks to achieve ideal levels in most markets, despite the ongoing pandemic, to support a healthier and more profitable business for Jaguar Land Rover and its retailers," Felix Brautigam, Jaguar Land Rover at Chief Commercial Officer said.
"For Jaguar, the multi-award-winning all-electric I-PACE saw sales surge 78 percent year-on-year in the UK in the second quarter. The E-PACE, Jaguar's first sporty compact crossover, saw year-on-year growth in North America and China," he added.
Jaguar Land Rover will be releasing its financial results for the quarter to September 2020 later this month.
The company said it ended September with about £3 billion of cash and short-term deposits, up £0.3 billion, primarily reflecting positive free cash flow as expected in the quarter. Total liquidity was about £5 billion, including the company's £1.9 billion revolving credit facility, which remains undrawn, it added.