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Tata Motors - Chip Shortage Improves; Volumes Miss Estimates: Motilal Oswal

Tata Motors - Chip Shortage Improves; Volumes Miss Estimates: Motilal Oswal

Tata Motors logo sits on the wheel. (Photographer: Dhiraj Singh/Bloomberg)
Tata Motors logo sits on the wheel. (Photographer: Dhiraj Singh/Bloomberg)

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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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Motilal Oswal Tata Motors Company Update.pdf

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