Chinese demand for British luxury brands Jaguar and Land Rover has allowed their parent company, Indian automaker Tata Motors, to return to green, despite falling sales in the domestic market.
The group announced Thursday a net profit of 17.39 billion rupees (245 million francs) for the quarter from October to December 2019, higher than analysts’ forecasts, after having recorded a loss of 2.17 billion rupees in the previous quarter.
The company, one of the largest automakers in South Asia, also posted a loss for the same quarter in 2018.
“Conditions in the auto industry remain difficult, but we are encouraged by the resumption of operations in China and the success of the new Range Rover,” said Ralf Speth, general manager of Jaguar Land Rover, who was quoted as saying in a statement.
Jaguar Land Rover sales in China increased 24.3% in the quarter, said the company, headquartered in Bombay.
But sales in India fell by almost 7% over the same period, causing inventories to build up.
Tata Motors has undertaken to turn around Jaguar Land Rover (JLR), which it acquired from Ford in 2008, against the backdrop of a slowdown in the Indian automotive sector.
JLR announced Thursday from London that Ralf Speth, 65, will step down in September, at the end of his contract. Struggling British automaker has cut thousands of jobs in recent years amid declining sales amid Brexit uncertainty, waning global growth, declining diesel speed and boom of electric.
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