Tata Motors' JLR shocks covid, losses so much in first quarter

Tata Motors' JLR shocks covid, losses so much in first quarter

London. Tata Motors-owned Jaguar Land Rover (JLR) suffered a major setback due to the Kovid-19 epidemic in the first quarter ended in June 2020-21. The company incurred a pre-tax loss of £ 41.3 million in the first quarter. The company's sales and profits have been badly affected by the lockdown during the quarter. The UK luxury car company said that the epidemic had severely affected the British market and that its sales had fallen by 69.5 percent during the quarter. The company said that sales have improved on a month-on-month basis after the economies reopened in all regions. June retail sales declined 24.9 percent. The company said the improvement in the China and North America markets is particularly encouraging.

Ralph Speth, Chief Executive Officer (CEO), who is going to retire JLR said, "During the first three months of the new fiscal year, JLR faced exceptionally well challenges. The company has molded itself in view of the rapid macroeconomic changes and uncertainty ahead of the industry. "JLR's revenue was $ 2.9 billion during the quarter. The company said that 98 percent of its retailers worldwide have started operating fully or partially. Production has begun at all other plants except JLR's Castle Bomwich plant in the West Midland region of England. This plant will start gradually from 10 August.