JLR to revamp Chinese dealer network after loss

LONDON: Jaguar Land Rover owner Tata Motors Ltd shocked investors on Thursday by writing down the value of its investment in the British carmaker by $3.9 billion—mainly because of problems in its Chinese business. Things haven’t gone well in the world’s biggest automobile market, based on an investor presentation posted to the JLR website. Sales dropped by 35% in the country for the nine months ended in December. One problem, according to the presentation, is JLR’S dealer network. Only 18% of its outlets are in so-called tier 1 cities like Shanghai and Beijing, and more than one-third have been open for three years or less. The company said it’s overhauling the operation, cutting back on deliveries to reduce stock.