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<ul><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> has reported that its luxury car brand, Jaguar Land Rover, continues to be hurt by the ongoing semiconductor shortage. </li><li>Although the situation has eased a little, JLR’s retail sales continue to be hammered by the shortage, with sales falling nearly 40% in the December quarter. </li><li>Despite this, analysts remain divided on Tata Motors’ prospects, with the outlook spread across a spectrum of neutral, sell and buy. </li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them. </li></ul>The semiconductor shortage is still chipping away at the sales of Tata Motors-owned luxury car maker Jaguar Land Rover. Tata Motors reported a nearly 40% decline in JLR sales in three months ending December 2021, compared to a year ago. And, that was more cars than what it sold three months earlier. <div type="image" title="Tata Motors 01_10_21 to 12_01_22." msid="88868002" hostid="261" caption="&amp;lt;p&amp;gt;Tata Motors share price since October, 2021&amp;lt;/p&amp;gt;"></div> According to an exchange filing, JLR sales stood at 80,126 units in the December quarter, down 37.6% when compared to the same period a year ago. The company is still confident that this too shall pass. “Underlying demand for JLR products remains strong and the company has proactively managed semiconductor supplies to maximise production of higher margin products,” Tata Motors said in an exchange filing. On a sequential basis, JLR is facing headwinds in both China and Europe, with sales down 6.9% and 6.8%, respectively. However, wholesale sales are chinning up with an increase of 8% in the same period. Essentially, dealers are stocking up more cars than those actually sold, hoping for more buyers to return sooner than later. <cmsannotation type="cmsannotation" annotationid="What are the analysts saying?" comment="subhead" text="What are the analysts saying?">What are the analysts saying?</cmsannotation> Despite JLR continuing to be a drag on Tata Motors’ overall performance, analysts are not completely negative on the company’s outlook. Bank of America gave the stock a neutral rating while observing that JLR’s volumes continue to disappoint, but the positive sales mix helped the company report a positive cash flow (£150 million). The easing of semiconductor shortage is visible in JLR’s output too. Production increased to 72,184 units, up 41% in the last three months. Its orderbook stood at 1,54,000 units, and the company’s cash flow was positive at £150 million (approx. ₹1,520 crore). CLSA, while stating that cash flow and profitability are expected to improve due to an increase in volumes, it maintained that the retail performance was ‘significantly’ lower. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Bank of America </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹525 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Sell </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹408 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Emkay </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹550 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Sharekhan </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹610 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;"> ₹530 </td></tr></tbody></table> Source: Media reports SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-vs-infosys-vs-wipro-how-indias-three-it-giants-stack-up-against-each-other/slidelist/88860676.cms">TCS vs Infosys vs Wipro Q3 results – here’s how India’s three IT giants stack up against each other</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-will-buy-back-shares-worth-18000-crore-for-a-price-up-to-4500-apiece/articleshow/88859747.cms">TCS will buy back shares worth ₹18,000 crore for a price up to ₹4,500 apiece</a> <a href="https://www.businessinsider.in/tech/enterprise/news/infosys-saw-its-revenue-grow-by-7-in-q3-fy22/articleshow/88855661.cms">Infosys raises full year guidance after the best quarter in at least eight</a>

JLR sales are still down but analysts say Tata Motors is healing

<ul><li>The British subsidiary, part of the $123 billion Indian conglomerate, Tata Group, has lagged its European peers in launching electric vehicles.</li><li>While the chip shortage has affected EV makers around the world, <keyword id="45218" type="General" weightage="20" keywordseo="jlr" source="Orion">JLR</keyword> has been particularly slow in making the pivot from combustion engines to battery powered vehicles. </li><li>The stock of Tata Motors, the owner of JLR, has lost 12% of its value in the last six months, three times more than the index of listed automobile companies.</li><li>Check out the latest news, updates, and analysis on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>British car maker Daimler will finish this year with four new electric vehicles (EV), Sweden-based Volvo has plans to unveil one new model every year until 2025, whereas the German carmaker Audi is confident that by 2025 one in every three cars it sells will run on batteries. On the other hand, <keyword id="6354362" type="General" weightage="20" keywordseo="jaguar-land-rover" source="Orion">Jaguar Land Rover</keyword> (JLR) currently has one electric car in its stable, the Jaguar I-Pace. The company plans to launch its first new energy vehicle in 2024. By then, its rivals <keyword id="6355119" type="General" weightage="20" keywordseo="bmw" source="Orion">BMW</keyword>, Daimler and Volvo would have blazed past with 12, 4, and 4 new electric vehicles, respectively. New energy vehicle refers to a class of both plug-in electric vehicles and hybrid electric vehicles. JLR’s parent company, the Mumbai-based Tata Motors itself has two EV models out in the market currently, Tigor and Nexon. <cmsannotation type="cmsannotation" annotationid="The electric dreams" comment="subhead" text="The electric dreams">The electric dreams</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2022-25 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2026-30 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">BMW </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">90% of present market segments to have EV options, 12 new EV models </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">EV share in volumes at 50%, EV option in 100% segments </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Daimler </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">4 new EVs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">EV share of total sales at 50% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">100% electric </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Audi </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1 in 3 sales to be EVs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">To launch only EVs from 2026 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Volvo </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1 new EV </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1 new EV each year, 50% sales from EVs </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">- </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jaguar </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1st new energy vehicle in 2025 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">100% sales from EVs by 2027 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Land Rover </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1st new energy vehicle in 2024 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">60% sales from EVs by 2030 </td></tr></tbody></table> Source: Nirmal Bang Institutional Equities, company reports Jaguar Land Rover (JLR), one of the marquee brands among luxury car makers, has been quite slow in making a pivot to the era of EVs. “About 38-40% of global EV sales are premium; of which JLR’s market share is less than 1%,” pointed out a report dated August 20 from Nirmal Bang, an Indian broking firm. It’s not like the company doesn’t recognise it. In February this year, Chief Executive Officer Thierre Bollore laid out a roadmap to accelerate JLR’s transition to the <a href="https://www.businessinsider.in/thelife/news/jaguar-land-rover-plans-to-go-fully-electric-by-2039-and-said-it-would-spend-3-5-billion-on-the-goal-each-year/articleshow/80925836.cms">electric era</a>. Not just EVs, JLR also plans to invest significantly to develop hydrogen fuel cell driven cars, but the initial testing is expected to begin in the UK in 2022. <div type="image" title="Jaguar I-Pace" msid="85654046" hostid="261" caption="&amp;lt;p&amp;gt;Jaguar I-Pace&amp;lt;/p&amp;gt;"></div> However, the global shortage in semiconductor chips put the brakes on early. Earlier this year, JLR, the British auto giant <a href="https://economictimes.indiatimes.com/markets/companies/jlr-says-chip-shortage-to-sink-volumes-by-50-lead-to-1b-pound-outflows-in-q2/articleshow/84168361.cms">issued</a> a profit warning over chip shortage – more specifically, it pointed out that its September quarter production will fall by 50% as the luxury car maker struggles to make alternative arrangements. <div type="ExtQuote" text="JLR accounted for 76% of Tata Motors’ consolidated quarterly revenue at the end of June." auname="Company reports"></div> However, while the chip shortage is not a problem unique to JLR, a lot of its European peers have made more significant strides compared to the British car maker owned by Tata Motors, part of the $120 billion Indian conglomerate Tata Group. <div type="image" title="Tata Motors 25_02_21 to 26_08_21 (1)." msid="85654082" hostid="261" caption="&amp;lt;p&amp;gt;Tata Motors share price over the last six months&amp;lt;/p&amp;gt;"></div> JLR has negligible presence in China, which is the most profitable market when it comes to electric vehicles. Its rivals, Volvo and BMW, together had a share of nearly 20% in terms of new energy vehicles in 2020. “Jaguar Land Rover bet heavily on diesel fuel to drive their large sport utility vehicles (SUVs), which have higher weight and drag so need more energy to propel them, to the extent that until recently 90% of their vehicles ran on diesel,” said Dr. Charles Tennant, a former chief engineer at Land Rover, in an interview with <a href="https://www.coventrytelegraph.net/news/coventry-news/jaguar-land-rover-needs-more-19864223">CoventryLive</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-motors-launches-tigor-ev-second-electric-car-in-india/slidelist/85425025.cms">Tata Motors launches Tigor EV — All you need to know about the compact electric sedan</a> <a href="https://www.businessinsider.in/business/news/tata-motors-net-loss-narrows-on-strong-growth-in-exports/articleshow/84758903.cms">Tata Motors’ net loss narrows on strong growth in exports</a> <a href="https://www.businessinsider.in/stock-market/news/tata-motors-shares-drop-as-company-forecasts-poor-sales-of-jaguar-land-rover/articleshow/84171588.cms">Tata Motors shares drop almost 13% as company forecasts poor sales of Jaguar Land Rover in September quarter</a>

Tata Motors is paying the price because Jaguar Land Rover has been slow in the EV race

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JLR sales are still down but analysts say Tata Motors is healing

Rounak Jain

Tata Motors is paying the price because Jaguar Land Rover has been slow in the EV race

Rounak Jain

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