INDIA's Tata Motors reported a loss of $1.3 billion for the first quarter (Jan-March) of 2020 as sales in its key markets of China and Europe were hit by the Covid-19 pandemic.
The Mumbai-based automaker had just returned to the black in the previous quarter amid Chinese demand for its British luxury brands Jaguar and Land Rover.
The 98.94 billion rupees ($1.3 billion) net loss for the January-March quarter followed a net profit of 11.17 billion rupees for the same period last year.
"The auto industry faced strong headwinds in FY20 amidst a slowing economy due to multiple factors... all leading to weak consumer sentiments and subdued demand across segments," Tata Motors chief executive Guenter Butschek said in a statement.
"Disruption in the supply chain induced by the pandemic and the nationwide lockdown in mid-March 2020 added to the problems."
The company forecast a weak April-June—the first quarter of the 2021 financial year—which coincided with widespread virus lockdowns across its Europe, UK and Chinese markets.
But it expects a gradual recovery of sales and improved cash flows for rest of the financial year.
Tata Motors is a $45 billion organisation. Its diverse portfolio includes an extensive range of cars, sports utility vehicles, trucks, buses and defence vehicles.
Part of the $100 billion Tata group founded by Jamsetji Tata in 1868, Tata Motors is among the world’s leading manufacturers of automobiles. It offers an extensive range of integrated, smart and e-mobility solutions
Taylor Jones, Vinit Thakkar and Kyran Jones join forces to launch THG Indiagetty images
Taylor Jones and Vinit Thakkar come together to launch THG India getty images
The well-known Maharaja symbol has been modernised
Amenities available for passengers
