Jaguar CEO to retire amid tariff woes
What's the story
Jaguar Land Rover (JLR), the luxury SUV manufacturer owned by Tata Motors, has announced that its Chief Executive Officer (CEO) Adrian Mardell will be retiring. The company confirmed the news in a statement, saying, "Adrian Mardell has expressed his desire to retire from JLR after less than a year as CEO and 35 years with the company." A successor will be named soon, according to a company spokesperson.
Industry hurdles
Mardell navigates JLR through challenges
Under Mardell's leadership, JLR has faced several challenges, including higher US tariffs and a controversial makeover of the Jaguar brand. The company was among several automakers that refrained from giving profit guidance amid US tariff uncertainty. Notably, JLR doesn't have any factories in the US and had even suspended shipments to the country in April after Trump's first tariff announcements, later resuming exports this month.
Strategic adjustments
US tariffs impact and mitigation strategies
In light of the US tariffs, JLR has been evaluating their impact and looking for ways to mitigate them. Mardell had said on a call with reporters that the company will consider all options, including price hikes. JLR remains committed to driving growth by exploring other regions such as the UK and new markets.
Financial outlook
JLR's contribution to Tata Motors's financial results
Despite not providing guidance for the current fiscal year, Tata Motors reported a profit that beat expectations last quarter. JLR's pretax profit increased by 32% to £875 million ($1.2 billion), while revenue fell by 2.5% to £7.7 billion. The British unit's performance contributed to Tata Motors's overall financial results, which included a dividend announcement of ₹6 per share.