JLR India achieves record retail sales in the first quarter driven by demand for luxury SUVs

Jaguar Land Rover (JLR) India has reported achieving its highest retail sales figure for the first quarter, which was attributed to sustained demand for its range of premium sports SUVs and growing interest in high-end models following the signing of a free trade agreement between India and the United Kingdom.

First Quarter Results

In the quarter covering April to June of fiscal year 27, the company sold 1,665 vehicles, representing an 11 percent increase compared to the same period last year. Wholesale shipments also increased by 4 percent, reaching 1,694 units.

Sales Leaders and Price Changes

Collectively, the Range Rover, Range Rover Sport, and Defender models accounted for over 85 percent of the company's retail sales this quarter, indicating continued interest in luxury SUVs. The Defender remained the best-selling vehicle for JLR India. During the quarter, JLR India adjusted prices for the Range Rover SV and Range Rover Sport SV following the implementation of the free trade agreement between India and the UK, offering discounts of up to 75 lakh rupees depending on the specific model.

Impact of the Trade Agreement

The company noted that this change contributed to an increase in customer inquiries for the SV series and strengthened demand for bespoke vehicle orders. The free trade agreement between India and the UK, signed earlier this month, will gradually reduce import duties on vehicles manufactured in the UK, potentially making imported luxury models more competitive in India. JLR India is one of the first luxury automakers to pass on the benefits of this trade agreement to its customers.

Market Outlook

Rajan Amba, Managing Director of JLR India, stated that the company started fiscal year 27 confidently with the best retail sales performance in the first quarter. He emphasized that demand continues to grow for the Range Rover, Range Rover Sport, and Defender, and there is heightened interest in the SV and Bespoke series due to the agreement between India and the UK. Amba added that this trade agreement will allow the company to offer a wider range of carefully selected SV products, special editions, and bespoke options in the Indian market. JLR India forecasts maintaining the current momentum throughout the remainder of fiscal year 27, supported by a strong product portfolio and continuous demand in the luxury car segment.

sputniknews.uzJuly 28, 14:06

Kudratov stated that joint production in Kyrgyzstan opens access to the EAEU market

Laziz Kudratov, Minister of Investment, Industry and Trade, announced at the Kyrgyzstan-Uzbekistan business forum that establishing joint production enterprises between Uzbekistan and Kyrgyzstan allows Uzbek companies to enter the markets of the Eurasian Economic Union (EAEU).

Prospects in Pharmaceuticals

The Minister particularly emphasized the significant opportunities in the pharmaceutical industry. According to him, Uzbekistan imports over $2 billion worth of pharmaceutical products annually, while consumption of these products in EAEU countries reaches nearly $30 billion. Furthermore, the products must comply with EAEU requirements regarding origin, quality, and certification.

Development of Agriculture and Medicine

Kudratov noted plans to implement a project for producing medical goods in the Chuy region. Additionally, a diagnostic and treatment center is being built in this region with the participation of Uzbek investments. Agriculture was also named as one of the sustainable areas of cooperation: Kyrgyz companies are investing in the construction of livestock complexes in the Surkhandarya region.

The launch of the 'Friendship Garden' project in the Chuy region is planned for October, as well as the cultivation of fruit seedlings suitable for the Kyrgyz climate, which will be in demand in the market. In the context of animal husbandry, the creation of livestock complexes for producing products for the Central Asian market was proposed, given that Uzbekistan imports about $1 billion worth of red meat annually.

Textile and Electrical Engineering Industry

The textile industry was also recognized as an important area of partnership. Uzbekistan is interested in utilizing its experience and attracting technologies to develop this sector with Kyrgyzstan. There are great prospects for the production of footwear, leather goods, and other finished products through deep processing of wool and leather.

In the field of electrical engineering, it was proposed to create joint ventures using raw materials such as copper and aluminum. The Minister is aware that Uzbekistan exports over $1 billion worth of electrical engineering products per year, which are supplied to the markets of 62 countries.

Financial Cooperation and EAEU

It was also noted that projects totaling $80 million have been implemented under the Uzbekistan-Kyrgyzstan Development Program. The Minister clarified that although Uzbekistan is not a member of the EAEU, joint work with Kyrgyzstan allows for efficient production and access to EAEU markets through Kyrgyzstan.

Uzbek companies are ready to establish joint capacities with Kyrgyz partners and enter the markets of third countries.

olhardigital.com.brJuly 28, 13:46

X launches X Money for Premium and Premium+ subscribers in the US, integrating financial services into the social network

The X platform has begun making X Money available to users with Premium and Premium+ subscriptions in the United States, following an initial period of restricted, invite-only testing.

Integrated Financial Features

This new feature integrates financial functionalities directly into the social network, aligning with Elon Musk's plan to convert X into an ecosystem of various services. In practice, X Money functions as a digital wallet, allowing users to maintain accounts to make deposits and transfers among themselves without incurring fees or limits.

Furthermore, the service offers a Visa virtual card, which is compatible with Apple Pay through Apple Wallet. For those who prefer a physical option, the company provides a customizable metal card that can include the platform's username.

Variable Benefits by Plan

The benefits offered depend on the subscription level. Premium+ subscribers have the possibility of earning up to 6% per annum (APY) on qualifying amounts. For the Premium plan, receiving this remuneration is conditional upon meeting specific direct deposit requirements.

Another advertised attraction is a 3% cashback benefit on purchases made with the X Card, provided they are qualified. Deposit accounts are managed by Cross River Bank, an institution part of the FDIC system, responsible for guaranteeing bank deposits in the United States.

Elon Musk's Long-Term Strategy

This launch follows a strategic line advocated by Elon Musk since he took over the management of the platform. During a meeting with employees in 2023, the entrepreneur summarized his objective by stating that if money was involved, it would be present on the platform.

However, the project is not without criticism. This year, Senator Elizabeth Warren raised concerns, suggesting that X Money could pose risks to both consumers and national security and the stability of the financial system.

Currently, access to the service is limited to Premium and Premium+ subscribers in the United States. The company also announced that new users who join X Money may receive a welcome bonus of US$15 (approximately R$76.65), marking the platform's first public expansion after the restricted testing phase.