(Yicai Global) Feb. 14 -- Jaguar Land Rover China has refuted media reports that domestic carmaker Great Wall Motor in negotiations with its parent company to buy the Brith carmaker.>/n/n/n/n/nThe claims are just groundless speculation, Jiemian News cited a company statement as saying. Great Wall Motor has also denied the reports, according to Tencent-backed QQ News.
Chinese auto website Cheshi claimed yesterday that Great Wall was dcussing a potential takeover with Jaguar Land Rover Automotive's owner, Mumbai-based Tata Motors, citing executives from the alleged buyer.
The rumors coincide with Tata reporting a INR270 billion (USD3.9 billion) loss in the third quarter of last year, its worst ever quarterly performance and largely down to sluggh sales in China -- JLR's biggest market.
JLR contributed to more than the overall group loss, racking up a USD4.1 billion deficit on revenue of USD8.1 billion, Tata's financials showed.
Editor: James Boynton