SSL Research reports that Tata Motors’ Jaguar Land Rover (JLR) division saw a 5% year-on-year increase in wholesales to 97,755 units and a 9% rise in retail volumes to 111,180 units for the first quarter of FY25. The sales mix was bolstered by higher-margin models like the Range Rover and Defender, which constituted 68% and 59% of total wholesales and retails, respectively. Demand remains robust, particularly in North America and the UK, with significant interest in the new Range Rover EV, which has accumulated over 39,000 bookings.
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JPMorgan maintains an overweight rating on Tata Motors with a target price of ₹1,115. They highlight the positive performance of JLR’s 1QFY25 wholesales (excluding China JV) and a strong 15% year-on-year growth in retail sales (excluding China JV).