New Delhi, August9:The prices for the Land Rover Discovery have been announced.
The company was also impacted by lower volumes at JLR, de-growth in medium and heavy commercial vehicles (M7HCV), flat demand in the light commercial vehicles (LCV) space and moderate growth in the passenger auto segment.
Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in July 2017 were at 32,026 units, higher by 5 per cent, over July 2016.
In July, JLR sold 46,074 vehicles, an increase of 3.6 per cent compared to the same month a year ago. The net profit is 41% more than the profit in the same period a year earlier. It had registered a profit of Rs 25.75 crore in the same period of 2016-17.
Despite the decline in sales and sales figures, the company surpassed all the predictions.
In the passenger vehicles business, the company's new cars- Tiago, Hexa, Tigor- continue to show strong sales. The all-new luxury SUV will be launched on October 28, 2017, in the country.
"While the first results have not met our expectations, we are working with renewed focus and energy to improve performance of our commercial and passenger vehicle businesses", said Guenter Butschek, MD & CEO, Tata Motors.
"Our focus on topline, market share growth, major cost reduction initiatives and efficiency improvements have been significantly enhanced and accelerated in the last few months".
The automaker also said costs related to introduction of new models will continue.
Sales were up year-on-year in China (30 per cent) and North America (16 per cent), while remaining stable in Europe (no change) and down in the United Kingdom (14 per cent) due to the time impact of vehicle excise duty introduced in April 2017.
British arm JLR reported a revenue of 5.6 billion pounds, up 244 million pounds. Profit before tax rose to £595 million, from £399 million, including a £437 million one-off credit relating to recent changes to the defined benefit pension plans.
JLR CEO Ralf Speth said: "In challenging market conditions, we are continuing to plan for profitable, sustainable growth. The new Range Rover Velar has already reached customers in the United Kingdom and Europe and we anticipate continued strength of sales as Velar continues to go on sale around the world".