NEW DELHI — Tata Motors has warned of lower profit at its luxury unit Jaguar Land Rover for the fiscal year as sales in China have taken a hit because of the coronavirus outbreak.
The outbreak has hit JLR’s retail sales in China and is expected to lower the automaker’s full-year earnings before interest and tax margin, its Indian parent said in a statement.
“Recognizing the present situation is highly uncertain and could change, the reduction in China sales resulting from the coronavirus presently is estimated to reduce Jaguar Land Rover’s full year EBIT margin by about 1 percent,” Tata said.
The coronavirus epidemic, which started in China and is spreading globally, has hurt sales in the world’s biggest auto market and also disrupted auto supply chains affecting automakers in all parts of the world.
Tata Motors warned in January the coronavirus could impact its profit margin forecast of around 3 percent for the JLR unit for the fiscal year 2020 at a time when it was making…