Effective from 2 July, the firm has cut prices of the China-made Evoque by an average 6% across variants
The Jaguar Land Rover Automotive PLC (JLR)-Chery joint venture (JV) has cut prices of the Range Rover Evoque, the sports utility vehicle it produces at its manufacturing facility in the Chinese province of Jiangshu. It has also revamped its sales team in a bid to recoup volumes.
One out of every four models produced by the British automaker is sold in China. Also, the region accounts for more than 80% of the profit of the company, owned by Tata Motors Ltd.
In an email response, a JLR spokesperson confirmed the company has reduced prices. He refused to share further details.
Effective from 2 July, the firm has cut prices of the China-made Evoque by an average 6% across variants. The price of the base model, for instance, is now down 11% to 398,000 Chinese yuan (CNY) as compared to CNY 448,000 in April.
The latest round of price cuts makes the locally made Evoque at least 24% cheaper than the imported model, said an analyst at a domestic brokerage who declined to be identified.
At 2.54 pm on Tuesday, shares of Tata Motors were down 3.34%, atRs.388.80 on the BSE, while the benchmark index, Sensex, was down 0.02%, at 27,956.56 points, and the BSE Auto Index had dipped 0.66% to 18,574.06 points.