Around 5,800 Jaguar and Land Rovers wrecked in China port blasts

​Tata Motors Ltd said ‘many’ of its 5,800 Jaguar and Land Rover cars in China’s Tianjin port have been blasted in a recent chemical explosion that killed more than 100, and left many more injured. Tata’s shares dropped nearly 4% after the announcement, and ended nearly 3% lower.

The company is still evaluating its losses. Many other car manufacturers like Volkswagen AG , Hyundai Motor Co, Toyota Motor Corp , Daimler and BMW AG are also counting their losses.

"Whilst we believe many of these vehicles may have been damaged, we are presently unable to quantify the numbers of units affected," a JLR spokesman said in a media statement.

As many as 10,000 cars may have been destroyed in the blast. The explosion is expected to affect China’s auto industry amidst slow economic growth and the recent stock market crash.

Image credit: Indiatimes