Jaguar Land Rover’s May 2013 retail sales volume in the US came in at 4,989 units, up 11% y-o-y while other luxury OEMs have reported volume growth in the range of 8%-15%. However, Nomura doesn’t expect the Tata Motors stock to react significantly to this data
Jaguar Land Rover’s (JLR) May 2013 retail sales volume in the US came in at 4,989 units, up 11% y-o-y. Other luxury OEMs have reported volume growth in the range of 8%-15%, according to Nomura Equity Research in its Quick Note.
Jaguar volumes have increased by 33% y-o-y, helped by the launch of the new Jaguar F-Type and strong growth of the XF model. Land Rover volumes increased by around 3% y-o-y; volume growth of Range Rover was strong (33%), however Range Rover Sport volumes declined by 8% y-o-y, possibly due to the impending launch of a new model in 4QCY13.
Overall, Nomura believes that the numbers are largely in line with its expectations. The brokerage expects around 8% volume growth for JLR in US in FY14F, and it doesn’t see any changes to its estimates based on these numbers.
According to Nomura, the weighted average marketing and promotional spend for JLR increased by 22% month-on-month (up 3% y-o-y), led partly by a higher Jaguar mix. Incentives increased by 16% m-o-m at Jaguar and by 7% m-o-m at Land Rover.
“We don't expect the Tata Motors stock to react significantly to this data,” said Nomura in its concluding remarks.
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