Tata Motors share price: Shares of Tata Motors hit a record high of Rs 624.65 apiece on the BSE on Friday after the company's flagship unit, Jaguar Land Rover (JLR), released its sales numbers for the June quarter (Q1FY24). The company reported a rise in sales, reflecting continued improvement in chip production and other supply constraints. The stock ended at Rs 618.45, up 2.94 per cent. 

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Wholesale volumes for the first quarter were 93,253 units (excluding the Chery Jaguar Land Rover China JV), up 30 per cent compared to the same quarter a year ago. However, wholesales were slightly lower (down 1 per cent) compared to the prior quarter ending March 31, 2023, reflecting shipping schedules, while production was up quarter-on-quarter (QoQ).

Retail sales for the first quarter were 101,994 units (including the Chery Jaguar Land Rover China JV), up 29 per cent compared to the same quarter a year ago, the company's statement read. Compared to the prior year, retail volumes were higher in the Overseas region (up 83 per cent), in North America (up 42 per cent), China (up 40 per cent) and the UK (up 6 per cent) regions, while flat in Europe (0 per cent). "By model, retail sales of our three most profitable models were up significantly compared to the same quarter a year ago with Range Rover up 199 per cent, Range Rover Sport up 42 per cent and Defender up 90 per cent," the company said.

The order book remained strong with over 185,000 client orders at quarter end, reducing from 200,000 as of March 31, 2023, in line with expectations, as chip and other supply constraints continue to improve. Range Rover, Range Rover Sport and Defender demand remain particularly strong, representing 76 per cent of the order book, the press release added.

JLR will report full financial results for Q1 later in July. Based on preliminary cash balances, JLR expects to report positive free cash flow of over £400 million in the quarter.