Tata Motors to invest $1 billion in new plant for Jaguar Land Rover luxury cars in Tamil Nadu: Report
Tata Motors, the renowned Indian automotive giant, is set to expand its manufacturing prowess with a planned $1 billion investment in a new plant in Tamil Nadu, southern India. Sources privy to the company’s plans revealed that the facility will focus on producing luxury cars under the Jaguar Land Rover (JLR) marque, reported Reuters.
Although Tata Motors had initially announced the investment in March, specifics regarding the models to be manufactured remained undisclosed. The recent revelation sheds light on the company’s strategic move to further integrate JLR into its operations, leveraging its acquisition of the prestigious brand in 2008.
To recall, the Indian automaker has also reported a significant surge in global wholesales for the fourth quarter ending March 31, 2024. Totaling 377,432 units, the figure marks an impressive eight percent increase compared to the corresponding period last year. Particularly noteworthy is the robust performance of Tata Motors’ passenger vehicles segment, including electric vehicles, which witnessed a notable 15 percent surge, reaching 155,651 units during the same period.
Simultaneously, Jaguar Land Rover has showcased a remarkable growth trajectory in the Indian market. The luxury marque reported an outstanding 81 percent increase in retail sales for the fiscal year 2023-24, selling a total of 4,436 units. This surge is particularly significant, marking the brand’s highest sales figures in the past five years since its introduction to the Indian market in 2009.
Key drivers of this exceptional performance include the soaring demand for SUVs, with models such as the Range Rover and Defender witnessing impressive year-on-year increases of 160 percent and 120 percent, respectively. Additionally, the newly launched 2024 model of the Discovery Sport recorded a notable 50 percent growth, while the Range Rover Evoque saw a commendable 55 percent increase in sales on an annual basis.
(With inputs from Reuters)
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Published: 18 Apr 2024, 03:24 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.