British carmaker to miss one of the automotive calendar’s high-profile events, as part of cost cutting measures following its second consecutive quarterly loss.
04 Dec 2018 | 6448 Views | By Autocar India
Jaguar Land Rover will not participate in the 2019 Geneva Motor Show, as part of cost-cutting measures after its business suffered a serious blow due to low sales in China and waning diesel demand in Europe.
One of the largest shows in the automotive calendar, the Geneva Motor Show ...
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Jaguar Land Rover will not participate in the 2019 Geneva Motor Show, as part of cost-cutting measures after its business suffered a serious blow due to low sales in China and waning diesel demand in Europe.
One of the largest shows in the automotive calendar, the Geneva Motor Show showcases a flood of innovative technology and advanced design from various automakers. Even the production version of JLR’s 400hp all-electric I-Pace and the Range Rover SV Coupé made its debut at the 2018 edition of the motor show in the Swiss city.
Following heavy losses in the previous quarter, Jaguar had announced that it will undertake steps aimed at driving a two- to three-year turnaround to improve profitability and cash flow. In fact, the carmaker recently conducted a two-week shutdown at its plant in Solihull.
The British carmaker posted its second successive quarterly loss in the three months ending September 2018, with a post-tax loss to the tune of 101 million pounds (around Rs 908 crore). JLR sold 1,29,887 vehicles between July and September, recording a 13.2 percent decline year-on-year. Revenues declined 11 percent to 5.6 billion pounds (around Rs 50,201 crore).
JLR said the recently begun trade war between China and US created consumer uncertainty and hurt demand.
In an ironic turn of events that depicts a reversal of fortunes, JLR’s parent company and homegrown carmaker Tata Motors is expected to occupy a bigger space than usual at the 2019 Geneva Motor Show. The carmaker marked its 20 years at the 2018 edition of the motor show, with the global unveiling of the sleek all-electric EVision Sedan Concept.
JLR, however, won’t be the only carmaker conspicuous by its absence as reports suggest Swedish carmaker Volvo could also give the 2019 Geneva Motor show a miss.