Price pressure in JLR markets
JLR noted price becoming a negative factor in Q4 due to increased VME (variable marketing expense) from 0.5% to 3%, indicating rising competition.
TATAMOTORS / Q4-FY24 / risks
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Tata Motors · Material risks, their source context, and severity in the latest available quarter.
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Commodity cost inflation in India CV
Management acknowledged increases in casting, forgings, aluminum, and tires in Q1, which may require price increases to offset margin impact.
China market competitiveness
JLR's CJLR JV operates in highly price-competitive segments in China, with volumes at 45,000 units; further margin pressure possible.
EV demand slowdown narrative
Management dismissed negative media commentary on EV slowdown, but acknowledged that EV industry growth moderated to 40% in Q4 from 70% full year, suggesting potential headwinds.