Key Highlights
- Tata Motors’ JLR wholesale sales crossed 1 lakh units (1,01,043 cars) for the first time in 11 quarters.
- This was an increase of 29% from the previous quarter.
- The strong sales were driven by demand for Range Rover, Range Rover Sport, and Defender models.
- The stock price of Tata Motors rose after the announcement.
- Analysts at Morgan Stanley, JP Morgan, Jefferies and Macquarie have all maintained positive ratings on Tata Motors stock.
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Tata Motors’ luxury car arm, Jaguar Land Rover (JLR), achieved a significant milestone in the third quarter of FY24 by selling over 1 lakh units for the first time in 11 quarters.
This robust 29% increase in wholesale sales compared to the prior quarter was driven by continued demand for Range Rover, Range Rover Sport, and Defender models. The impressive performance sent Tata Motors’ stock price soaring, reflecting investor confidence in the company’s turnaround strategy.
Analysts at major financial institutions, including Morgan Stanley, JP Morgan, Jefferies, and Macquarie, maintained their positive outlooks on Tata Motors stock. The strong performance in the third quarter suggests that Tata Motors’ efforts to revitalize JLR are bearing fruit, and the company is well-positioned for continued growth in the premium automobile segment.
Overall, we can predict a positive picture for Tata Motors and its JLR brand. The significant sales growth, coupled with analyst optimism, indicates that the company is on the right track towards regaining its position as a leading player in the global luxury car market.
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