Tuesday, 16 October, 2018

Tata Motors skids almost 20% intraday as JLR Sept sales decline

Jaguar Land Rover’s UK plant in Solihull will close for two weeks from 22 October Jaguar Land Rover’s UK plant in Solihull will close for two weeks from 22 October
Jean Garcia | 09 October, 2018, 14:11

JLR said it will close its Solihull plant for two weeks later this month as sales fell in China due to import duties and a trade war with the United States.

Staff will be sent home on full pay for a fortnight from 22 October as the British auto manufacturer stops producing any vehicles, as it tries to match supply to dwindling demand.

Latest figures showed JLR sold 57,114 vehicles in September, 12.3% down on the same month previous year - with a slump of 46.2% in China blamed on "import duty changes and continued trade tensions" holding back demand.

"Customer demand in China in particular has struggled to recover following changes in import tariffs in July and intensifying competition on price, while ongoing global negotiations on potential trade agreements have dampened purchase considerations", said Felix Brautigam, JLR's chief commercial officer.

IMF chief economist not concerned about China’s ability to defend currency
The fund left its 2018 U.S. forecast unchanged but cut its expectation for next year, citing the impact of the trade conflict. Core inflation, which excludes volatile items such as energy, will vary from country to country, it said.

JLR sales fell 0.8 percent in the United Kingdom and 4.7 percent in Europe, which saw large industry declines of 20.5 percent in the United Kingdom and 31 percent in Germany primarily relating to the timing of new WLTP homologation rules as well as reduced diesel demand, it added.

The news affects up to 10,000 workers and comes after the group's decision to put part of its Castle Bromwich plant on a three-day week until Christmas, affecting 1,000 workers.

JLR is Britain's biggest carmaker, employing 40,000 people. Several factors can be attributed to the slump, including shrinking demand for diesel models, reduced interest in saloon cars and ongoing Brexit uncertainty.

However, company stressed that it would not mean any job losses at the plant in Solihull, with workers continued to be paid during the shutdown period.

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