Tuesday, 11 December, 2018

Jaguar Land Rover plans two-week closure as demand falls

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Priscilla Morrison | 09 October, 2018, 14:12

The stock plunged almost 60 percent in last one year.

Jaguar Land Rover will close its plant in Solihull, England, for two weeks after the company reported a almost 50 percent fall in sales to China as import duties and a trade war with the US hurt demand.

"The company's sales in China declined by 46.2% during September as compared to the same month a year ago as ongoing market uncertainty resulting from import duty changes and continued trade tensions held back consumer demand", JLR said in a press release.

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.

The company, which builds 500,000 Land Rovers, Range Rovers and Jaguars in the United Kingdom every year and employs 40,000 people, said that the plant would close this month.

China's automobile sales have been falling in recent months, with a slowing economy and trade frictions making consumers cautious about spending, an industry body said last month.

More news: With Jay Ajayi Done, the Eagles Should Trade for Le'Veon Bell

Felix Brautigam, the carmaker's chief commercial officer, said: "As a business we are continuing to experience challenging conditions in some of our key markets".

"Despite this, we expect lower tariffs on United Kingdom imports to be beneficial over the full year".

They also fell nearly five per cent in Europe thanks to reduced demand for diesel cars, though United Kingdom demand slipped less than one per cent. This is further to three day week from Oct-18 to Dec-18 at Castle Bromwich plant.

The Unite union called the news deeply troubling.

The research house had recently cut its EPS estimates for Tata Motors by 35/13 percent driven by cut in JLR's volumes by 6/4.5 percent and JLR's EBITDA by 11/6 percent, respectively.

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