Tata Motors – JLR August sales volume impressive ::RBS

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JLR August sales volume recorded impressive growth of 31% yoy and 11% mom to 21,242
vehicles. LR recorded strong 43% yoy and 23% mom growth, assisted by 1,741 dispatches of
new product Evoque. Jaguar continued to suffer with 10% yoy and 22% mom dip in August. Buy,
with 44% upside.


The JLR sales volume for August came in at 21,242 units, up 31% yoy and 11.1% mom (1%
above our forecasts), primarily due to huge rise in LR sales volume. The seasonally weak
August month (number plate change impact in its largest market UK) surprised due to new
product Evoque dispatches. On YTD basis, JLR sales volumes are up 10.4% yoy to 102,446
units.
􀀟 Jaguar sales volumes for the month were at 3,409 units, down 10% yoy and 22% mom. On
YTD basis, the volumes were down 23% to 19,119 units.
􀀟 The launch of new XF model with smaller engine configuration in coming months should
provide breather to the yoy declining trend for Jaguar brand.
􀀟 Land Rover sales volumes were at 17,833 up 43.4% yoy and 20.9% mom. The mom rise was
driven by start of Evoque dispatches (1,741 units). On YTD basis, the Land Rover sales
volumes were up 22.8% yoy to 83,327 units.
􀀟 JLR performance in August is much better than peer set (BMW, Daimler and Audi) range of 8-
17% yoy growth.
􀀟 With advance booking of 25,000 Evoque, company looks well positioned to improve sales
volume traction in coming months.