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Jaguar Cuts China Sales Target
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Jaguar Cuts China Sales Target

Jaguar Land Rover, the UK luxury-car unit of Tata Motors Ltd., cut its sales targets and prices in China amid slowing demand in the world’s largest auto market. As a result, Tata Motors’ stock fell. The automaker has also adjusted output to stabilize retail prices and help dealers in China, Jaguar Land Rover said in an emailed response to questions, Autoblog reported. The starting price of its China-produced Evoque sport-utility vehicle was cut by 50,000 yuan ($8,000) to 398,000 yuan from July 1, according to the company, which did not give details of the new sales targets and supply cuts. The steps come as China’s state-backed auto association projected a slower pace of industry-wide expansion and BMW AG’s Chinese joint venture partner issued a profit warning. Jaguar Land Rover, which gets about a quarter of its sales from China, said it’s adjusting supply to dealers to ease inventory pressure, after deliveries there slumped 23%  this year through May.

 

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