Tata Motors Company Update - Chip Shortage To Limit Near Term Growth At JLR: ICICI Direct
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ICICI Direct Report
In a business update, Jaguar Land Rover flagged the global semiconductor supply shortage as an area of concern that has impacted Q1 FY22 performance (wholesales lower than anticipated by ~27%) and is set to adversely affect near-term outlook as well (Q2 FY22E wholesale volumes now seen ~50% lower than earlier expected).
Gradual easing on the cards JLR’s retail sales in Q1 FY22 were at 1.24 lakh units, up 68% year-on-year and flattish quarter-on-quarter.
However, at the wholesale level, volumes (excluding the China JV) were at 84,442 units, ~30,000 units i.e. 27% lower than planned, hampered in part by the supply constraints surrounding semiconductors globally.
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