New Delhi (Anish Yande): The share prices of Tata Motors rose by more than 10% on Tuesday's trading session. On Monday, the share price of the automobile company rose to a 52-week high. Tata Motors shares rose following the company's recorded sales in China and rumors regarding the speculated deal between Tesla and Tata Motors.
Jaguar Land Rover sales rise in China:
Jaguar Land Rover is the automobile brand owned by Tata Motors. Jaguar Land Rover released its sales statements on January 11, 2021. The 2020 sales figures of Jaguar Land Rover indicated a considerable recovery following the lockdown period of Covid-19.
The company reported that its quarter-on-quarter sales saw a rise in 2020. In the quarter ended September 30, 2020, the sales of Tata Motors rose by more than 52 percent. The sales in the September quarter were recorded at 113,569 vehicles sold.
In the quarter ended December 31, 2020, the quarter-on-quarter sales rose by 13.1 percent.
Tata Motors had stated that sales in China were promising as the company recorded a rise in sales by more than 20 percent in the quarter ended on December 31, 2020. The sales in China rose by 19.1 percent on a year-on-year basis.
The retail sales of Jaguar Land Rover were stated at 425,974 vehicles. The Land Rover retail sales were less as compared to 2019, by more than 23 percent.
Rumors about deal between Tata Motors and Tesla:
Previously, Tata Motors had commented that it was looking for a firm to collaborate within the passenger vehicle segment of the company. On Monday, rumors circulated in the markets implying that Tesla would choose Tata Motors for its partnership in India.
Tata Motors had denied any development regarding its new partners. Transport, Road, and Highways minister Nitin Gadkari had stated that Tesla was set to launch its sales segment in India from 2021.
Tesla co-founder and CEO, Elon Musk had stated that the company would enter the Indian market in 2020. 'Next year for sure,' Musk had tweeted.
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