Tata Motors posted its first annual loss in eight years and announced more job cuts and plant closures at
Jaguar and Land Rover as the worst global recession in more than seven decades slashed demand for the marque brands purchased by the company last year. Tata, the maker of Indica and Nano cars, posted a consolidated loss of Rs 2,500 crore for the year ended March, while sales slumped 37%. The last time the company had made a loss was in 2000-01, when it experienced a similar demand slump for trucks and its small car, the Indica. Jaguar and Land Rover posted a loss of Rs 1,777 crore for the year. The deepening recession in the US and UK worsened the demand for luxury vehicles, forcing Tata Motors to cut jobs and consider plant closures. JLR has already shed 2,000 jobs and Tata Motors senior executives warned on Friday that more will be needed.
Jaguar and Land Rover as the worst global recession in more than seven decades slashed demand for the marque brands purchased by the company last year. Tata, the maker of Indica and Nano cars, posted a consolidated loss of Rs 2,500 crore for the year ended March, while sales slumped 37%. The last time the company had made a loss was in 2000-01, when it experienced a similar demand slump for trucks and its small car, the Indica. Jaguar and Land Rover posted a loss of Rs 1,777 crore for the year. The deepening recession in the US and UK worsened the demand for luxury vehicles, forcing Tata Motors to cut jobs and consider plant closures. JLR has already shed 2,000 jobs and Tata Motors senior executives warned on Friday that more will be needed.For further details visit at:economictimes.indiatimes.com/News/News-By-Company/Earnings/Tata-Motors-reports-first-annual-loss-in-8-years/articleshow/4708483.cms
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