The Evoque powered JLR's profits for years, accounting for most of parent Tata Motors Ltd.'s earnings in the first half of the decade. The company's market value soared above $29 billion in 2015. Then China's slowdown hit sales in what was once the carmaker's most important market; the U.K. voted to break away from the European Union; and India's biggest conglomerate was wracked by a power struggle as Ratan Tata fired his handpicked successor. JLR was also slow to reduce its reliance on diesel vehicles in Europe. The outlook is now so dire that Tata executives are said to be exploring the possibility of selling part of the luxury-car unit. "JLR faces all these challenges and more, as it is the smallest of the mainstream luxury carmakers, barring Volvo ," said Deepesh Rathore, London-based director at Emerging Markets Automotive Advisors.