SSL Research reports that Tata Motors’ Jaguar Land Rover (JLR) division saw a 5% year-on-year increase in wholesales to 97,755 units and a 9% rise in retail volumes to 111,180 units for the first quarter of FY25. The sales mix was bolstered by higher-margin models like the Range Rover and Defender, which constituted 68% and 59% of total wholesales and retails, respectively. Demand remains robust, particularly in North America and the UK, with significant interest in the new Range Rover EV, which has accumulated over 39,000 bookings.
JPMorgan maintains an overweight rating on Tata Motors with a target price of ₹1,115. They highlight the positive performance of JLR’s 1QFY25 wholesales (excluding China JV) and a strong 15% year-on-year growth in retail sales (excluding China JV).