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Tata Motors – JLR sales volume performance for December 2010
Jaguar sales in December declined 10% yoy and 23% mom, pulling back yoy volume growth to
just 1% despite a 4% yoy growth in Land Rover (-2% mom). While Jaguar’s inconsistent trend
persisted in this seasonally weaker month (mainly in Europe, due to a number plate change
phenomenon), Land Rover continued to put up a good show with just a 2% mom decline. Overall
ytd growth of 28% is impressive but may decline going forward as the base impact eases off, in
our view.
We expect January sales to increase from the December level due to the number plate change in
Europe (particularly in the UK).
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