With Jaguar Land Rover sales jumping 61 percent in September in the United States, the largest premium auto market in the world, Tata Motors saw its stock rally the most in around two months.
Record demand for the sport utility vehicles from the Land Rover brand was the main responsible for the stellar US performance last month, with shares of Indian parent company Tata Motors jumping up to 8.2 percent, the most since August. The Land Rover brand posted its best ever September on the back of high sales of the Range Rover and Evoque SUVs, with the brand also posting its best result ever after the first nine months of the year. According to Joe Eberhardt, Jaguar Land Rover’s chief executive officer for North America, the Jaguar brand will also cement the rapid pace as its deliveries will get a boost from the launch of the redesigned XF sedan and other model upgrades to follow next year. “The large increase in the U.S. shows that other markets could make up for a decline in China, and that is positive news,” said Bharat Gianani, analyst at Angel Broking in Mumbai.
Jaguar Land Rover sales in the United States soared to 6,850 autos in September. During the first nine months through September the deliveries jumped 19 percent to 59,619 vehicles, added the company. The Land Rover brand paced the gains with a 26 percent surge to a record 48,403 units for the nine month period while the Jaguar brand was down five percent to 11,216 vehicles. Auto sales in the US have been booming lately, thanks to new model introductions, the availability of cheap credit and the relatively low gasoline prices.