Jul 31, 2018

Jaguar hit by trade war as China sales slow

Jaguar Land Rover has reported a loss for the first time in three years after sales slowed in China. China plans to cut import tariffs for cars and parts for most vehicles to 15% from 25% from 1 July. Fiat Chrysler, which owns Jeep and Maserati, also slashed its 2018 revenue outlook after sales in China slumped as buyers postponed purchases in anticipation of lower car tariffs. Jaguar Land Rover said the reduction in Chinese trade duties would help boost future sales in China. Total sales fell 6.7% year-on-year to £5.2bn. Tata Motors' chief financial officer PB Balaji said China's performance was its biggest concern.

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