{"text":[[{"start":8.44,"text":"Shares in Jaguar Land Rover’s owner fell on Friday after the luxury-car maker reported a slide in quarterly profits amid the impact of production disruptions, the Middle East conflict and the dwindling appeal of European cars in China."}],[{"start":22,"text":"JLR profits after tax fell more than 80 per cent to £66mn in the three months to June 30, with a cash outflow of almost £1bn. Margins fell to 2.8 per cent compared with 4 per cent in the same period last year. JLR accounts for about 80 per cent of Tata Motors Passenger Vehicles’ overall revenues."}],[{"start":43.4,"text":"The weak performance dragged down shares in India’s Tata Motors Passenger Vehicles shares by about 5 per cent to Rs333 ($3.49) in Mumbai on Friday."}],[{"start":55,"text":"Richard Molyneux, JLR’s finance chief, told analysts on Thursday that wholesale volumes were down more than 9 per cent year on year. That was partly because of shifting “legacy” models as it launched new variants, as well as a fire at a supplier in the quarter that halted production of Range Rover and Range Rover Sport models for several days."}],[{"start":73.96,"text":"JLR said retail sales were affected by “market disruption” linked to the Gulf conflict."}],[{"start":79.76,"text":"Molyneux said the £1bn free cash flow figure was largely due to the impact of reduced profitability and added to the negative working capital typical of the first quarter of its financial year."}],[{"start":90.28,"text":"“Times at JLR are simultaneously both difficult and exciting,” he said. “Exciting in terms of the many amazing cars we are about to launch. Difficult, in our financial results were not as good as the same period last year.”"}],[{"start":104.24,"text":"He called China its “most difficult market”, where it saw “the biggest correction” of 25 per cent in wholesale volumes. “All our competitors are finding the China market difficult, and we are also impacted.”"}],[{"start":116.52,"text":"Analysts at Mumbai-based financial services group Motilal Oswal said that the company’s margins remained under pressure."}],[{"start":122.6,"text":"JLR faced multiple obstacles on the demand and cost fronts, they wrote in a Friday note that reiterated a “sell” rating: “While JLR has embarked on a major cost-reduction initiative, it is likely to only help partially offset the current headwinds.”"}],[{"start":138.24,"text":"Another tough quarter reflects the luxury-car maker’s continued woes after it posted an annual loss of £244mn in the 12 months to March. JLR suffered a debilitating cyber attack a year ago, forcing it to halt production for months, adding to the pressures of US tariffs."}],[{"start":160.88,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786699804_3629.mp3"}