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

Workers at JLR's Solihull plant will down tools for two weeks as production shuts down due to lack of demand

A quarter of Jaguar Land Rover's workers will down tools for two weeks later this month in the latest sign of a sales slowdown for the troubled vehicle manufacturer.

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.

JLR sold 57,114 cars in September, a 12.3 per cent year on year drop, with the firm shipping nearly 20 per cent fewer Land Rovers than September 2017.

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

Sales fell 0.8% in the United Kingdom, 4.7% in Europe, and by 6.9% in North America.

"As a business, we are continuing to experience challenging conditions in some of our key markets".

JLR said employees at the West Midlands plant would be paid for the duration of the shutdown and no jobs would be lost. The Solihull plant, where the Tata Group company produces its Range Rover and Jaguar models, will close from October 22.

While maintaining Buy call on Tata Motors with a target of Rs 335, Motilal Oswal said it sees rising risk to its JLR FY19 estimated volume decline of around 4 percent, which implies residual growth of around 4 percent in second half of FY19.

It comes weeks after the firm announced it was moving to a three-day week at Castle Bromwich, its other major production facility, citing a slump in sales of diesel-powered cars and Brexit uncertainty.

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