Tata Motors' Luxury Sales Stall

Indian automaker Tata Motors (NYSE: TTM  ) announced today (link opens in PDF) that sales for subsidiary Jaguar Land Rover have slowed significantly over the past quarter. According to the company, total retail sales were 88,658 units and total wholesales were 94,828.

Although this represents a quarter-over-quarter increase, it pushes the company's nine-month sales down to a 25% gain compared with 2011, according to an SEC filing submitted today. The company has also felt declining margins over the previous two quarters.

Land Rover sales increased 31% in the last nine months of 2012, while Jaguar's sales slumped 1%. On a regional basis, sales grew most in China (62.6%) and least in North America (6.1%). 

After purchasing Jaguar Land Rover from Ford in 2008 for $2 billion, the luxury subsidiary has historically been a lucrative and ever-growing investment for Tata. This latest news calls into question the division's growth potential, and pulled Tata Motors' stock down 9.9% today.

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