The U.S.-listed shares of Tata Motors Ltd. The largest EV producer in India, ran up towards the highest close since April 2019, after the India-based automaker, which brands include Land Rover and Jaguar, reported fourth-quarter retail sales data, and stressed its commitment to an electrification strategy.
The company's U.K.-based Jaguar Land Rover unit said it sold 128,469 vehicles during the quarter ended Dec. 31, down 9.0% from the same period a year ago, but up 13.1% from the previous quarter.
Sales in China were up 19.1% on the year and up 20.2% sequentially.
More than half of retail sales for the quarter (53%) were of electrified vehicles, lifting the share of electrification to 43.3% of total sales for 2020.
Jaguar Land Rover said the share of electrification is "poised for further growth in 2021 and beyond." Tata's stock has soared 62.8% over the past three months, while the S&P 500 SPX, +0.23% has gained 9.7