Sales plunge forces Jaguar Land Rover to shut factory for two weeks

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

The stock plunged almost 60 percent in last one year.

Shares of Tata Motors plunged over 16 per cent in early trade on Tuesday after the company-owned Jaguar Land Rover (JLR) reported a 12.3 per cent decline in global sales at 57,114 units in September, hit by lower demand in China.

Chinese sales almost halved, falling 46.2 per cent, with JLR blaming import duty changes and trade tensions for hurting consumer appetite.

"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.

International Monetary Fund predicts India will grow at 7.3% in 2018-’19
That includes President Donald Trump's imposition of tariffs on $250 billion in Chinese goods, as well as on aluminum, steel and other products worldwide.

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

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. "It was largely reflecting lower industry sales (down 5.5 percent) and reduced incentives on Jaguar sedans, although Land Rover had a record September with sales up 7.3 percent", the company said.

Jaguar Land Rover (JLR) is planning a two week shutdown of its Solihull plant at the end of October.

JLR's United Kingdom sales fell by just 0.8% in September, bucking the industry-wide decline of 20.5%. This is further to three day week from Oct-18 to Dec-18 at Castle Bromwich plant. The Unite union said no jobs would be lost because hours would be banked.

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