Tata Motors - Chip Shortage Improves; Volumes Miss Estimates: Motilal Oswal
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Motilal Oswal Report
Jaguar Land Rover’s Q3 FY22 wholesale volumes (excluding Cherry JLR joint venture) declined 33% YoY (up 9% QoQ) to 69,200k units (versus estimated 80,000 units).
Production increased 41% QoQ to 72,200 units in Q3 FY22, reflecting improvement in chip supply.
Wholesale volumes of Range Rover, Range Rover Sport, and I-Pace grew 92%, 64%, and 34.5% QoQ, respectively, reflecting mix improvement. While Q3 FY22 wholesale volumes were lower than our estimate of 80,000, product mix improvement diluted the impact of operating deleverage.
JLR’s retail volumes (including joint venture) declined 38% YoY (down 14% QoQ) to 80,100 units. Specifically, Land Rover declined 34.5% YoY and Jaguar decreased 49% YoY.
All regions reported both YoY and QoQ dip in Q3 FY22, with the UK and rest of world declining the most by 24% and 25% QoQ, respectively.
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