Tata Motors Ltd.-owned Jaguar Land Rover today reported 1.7 percent increase in its retail sales at 6,14,309 units for the financial year ended March 2018.
The increase was driven by new models, including the Range Rover Velar and the new Land Rover Discovery, the company said in a statement.
Retail sales for March were at 83,732 units and 1,72,709 units for the fourth quarter, down 7.8 percent and 3.8 percent, respectively, primarily due to weak sales in the U.K. and Europe.
Sales for the financial year were up year-on-year in China (19.9 percent), North America (4.7 percent) and in overseas markets (3.4 percent).
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However, retail sales in the U.K. and Europe were down by 12.8 percent and 5.3 percent, respectively, primarily driven by continuing uncertainty over diesel, JLR said.
“Weaker market conditions in the U.K. and Europe, driven by lack of consumer confidence and lower demand for diesel, are impacting our growth,” JLR Chief Commercial Officer Felix Brautigam said.
He further said, even against this backdrop, the company closed the financial year with record retail sales.
While Jaguar retail sales were up 1 percent to 1,74,560 units in the financial year, Land Rover retailed 4,39,749 units, up 2 percent compared with the last financial year.
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