The country’s largest vehicle maker Tata Motors has shown confidence that the ongoing economic uncertainty will not impact the growth of its British subsidiary Jaguar and Land Rover in short terms. As per a statement given by JLR’s Chief Executive Ralph Speth on Thursday, the current economic slowdown will not hurt the British luxury car maker.
Tata Motors had acquired British luxury car brands Jaguar and Land Rover from US based leading car maker Ford in year 2008. Both Jaguar and Land Rover, which are sister concerns, are performing considerably well since they found their new parent Tata Motors. The British brands incurred huge losses during the economic slowdown of year 2008-2009.
In last few months, JLR has boosted its presence in the international market by marking its debut in a number of new countries and launching a series of new car models.
Tata Motors, the largest vehicle maker in the country, has posted moderate profits in the first quarter of this fiscal, largely affected due to the shrinking margins and rising interest rates. The Indian automobile industry that had registered a superb growth of 30 percent in last fiscal, is currently struggling with slowing demand in the country. Company’s Chief Financial Officer C. Ramakrishnan said that rising interest rates in India were a matter of concern.
