WHITLEY, UK: Luxury auto manufacturer Jaguar – now owned by Indian behemoth Tata Group – has followed the lead of Toyota, Land Rover and Bentley in announcing a cut in production in the wake of falling levels of demand.
Jaguar's year-on-year UK sales fell by 41% last month (compared with a 26% reverse for Toyota and a 58% dive for Land Rover), as the country's auto market registered its worst August sales figures for forty years.
A company spokesman said: “In view of the current sales environment we will be taking action to balance production with demand in the fourth quarter.”
Declining exports, low levels of consumer confidence in the domestic economy and the limited availability of credit are said to be the main causes of the slump, with premium marques like Jaguar finding the going particularly heavy.
Sales figures for the UK auto industry in September, which usually coincides with a spike following the introduction of new registration plates, are also forecast by analysts to be largely disappointing.
Jaguar's year-on-year UK sales fell by 41% last month (compared with a 26% reverse for Toyota and a 58% dive for Land Rover), as the country's auto market registered its worst August sales figures for forty years.
A company spokesman said: “In view of the current sales environment we will be taking action to balance production with demand in the fourth quarter.”
Declining exports, low levels of consumer confidence in the domestic economy and the limited availability of credit are said to be the main causes of the slump, with premium marques like Jaguar finding the going particularly heavy.
Sales figures for the UK auto industry in September, which usually coincides with a spike following the introduction of new registration plates, are also forecast by analysts to be largely disappointing.
Data sourced from The Times (UK); additional content by WARC staff
