Jaguar hit by trade war as China sales slow" width="976" height="549">
Jaguar Land Rover (JLR) has reported a loss for the first time in three years after sales slowed in China.The UK's biggest car firm, which is owned by India's Tata Motors, blamed the setback on "multiple challenges".This included the impact of what it said was a "temporary issue" from a change in Chinese import duties.China plans to cut import tariffs for cars and parts for most vehicles to 15% from 25% from 1 July. As a result many consumers delayed purchases, JLR said. The tariff change is part of the country's efforts to try to reduce tensions with the US over trade.
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The firm isn't the only car company affected by the changes to trade policies. Just days ago three US car firms warned that their performance had been affected by changes to tariffs.Ford and General Motors lowered profit forecasts for 2018, citing higher steel and aluminium prices caused by new US tariffs.Fiat Chrysler, which owns Jeep and Maserati, also slashed its 2018 revenue outlook after sales in China slumped as buyers postponed purchases in anticipation of lower car tariffs.
Sales boostIn terms of Brexit, he said the company was "gearing up for any eventuality that may be there".
UK economy
Jaguar Land Rover
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