07 September 2012

Tata Motors ::JLR’s US retail volume up 32% y-y in Aug-12::, Nomura research,


JLR’s retail sales volume in the US increased by 32% y-y in Aug-12.
After four months of weak growth (~7% y-y avg growth), volumes in Aug-
12 were much improved, in our view. We note that Aug-12 had 1 more
selling day as compared to Aug-11, and we estimate that this benefitted
growth by around 4%. [Note that August retail sales data include 700
units (621 units in July-12) of Evoque. Sales of older models (ex-
Evoque) were up by around 12%.]

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We are building in flat volumes for models ex-Evoque in the US for JLR
in FY13F, compared to around a 6% y-y decline in volumes thus far
(FYTD: Apr-Aug).
In Aug-12, based on data from AutoData Corp, Audi sales were up 13%
y-y, BMW sales declined 19% y-y and Mercedes sales rose 12% y-y.
Total industry US market sales including all vehicle types increased by
20% y-y.
The weighted-average marketing and promotional spend for JLR
increased by 4% m-m in August; incentives declined by 2% m-m at
Jaguar and increased by 20% m-m at Land Rover

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