Luxury Carmakers Are Taking a Hit as Demand in China Plummets
- Jaguar Land Rover to shut plant for two weeks on China demand
- Sales in China tumbled due to uncertainty from duty changes
The Jaguar Land Rover manufacturing plant in Solihull, U.K.
Photographer: Chris Ratcliffe/Bloomberg
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Europe’s luxury car titans are bearing the brunt of a slump in Chinese auto demand, and investors in India are paying the price.
Jaguar Land Rover’s announcement late Monday about shuttering production for two weeks in October at its Solihull plant in the U.K. -- because of sinking demand in China -- sent shares of its owner Tata Motors Ltd. plunging 13 percent in Mumbai. That wiped out $1.2 billion of its market value, or enough money to buy about 25,000 Jaguar F-Pace SUVs, each priced at about $47,000.