Skip to content 
Search

Latest Stories

Tata Motors posts major loss as lockdowns hit sales

India's Tata Motors on Friday (31) reported a major quarterly loss as coronavirus lockdowns hit sales in domestic and international markets including Europe and China.

Mumbai-headquartered Tata Motors, the parent of British luxury marque Jaguar Land Rover (JLR), announced a consolidated net loss of 84.39 billion rupees ($1.13 billion) for the quarter ended June 30 against a loss of 36.98 billion rupees a year earlier.


"The COVID-19 pandemic has deeply impacted the auto industry in Q1FY21. We see some disruption due to the intermittent shutdowns and supply chain bottlenecks," CEO Guenter Butschek said in a statement.

A survey of analysts by Bloomberg had predicted the quarterly loss to come in at $1.28 billion.

Tata's luxury car unit JLR faced sales challenges in its key markets China and Europe, worsened by the virus spread and supply chain disruptions.

JLR sales were down 42 percent during the quarter, the firm said. It was previously struggling to boost demand for luxury cars with the uncertainty surrounding Brexit.

Tata Motors further added JLR would manage "costs and investment spending rigorously" for the rest of financial year 2021.

"We have witnessed some green shoots emerging in passenger vehicles owing to some pent-up demand pre-COVID, and are hopeful for a full recovery of the commercial vehicle industry by end of the fiscal year, with a gradual pickup of demand, aligned to the economic recovery," Butschek added.

JLR announced former Renault chief Thierry Bollore as its new chief executive this week, with a focus on improving profits in the upcoming quarters.

Tata Motors' revenues fell by a massive 48 percent to 319.83 billion rupees, the firm said.

Indian carmakers have been struggling with dwindling sales amid an economic slowdown and lack of liquidity through 2019.

Analysts say the coronavirus-led lockdowns globally have hit sales as dealership stores were shut for most of the quarter and consumers are wary of making big-ticket car purchases.

The firm forecast a recovery in demand in the second part of 2021 depending on economic activity and restoration of supply chains globally.

Tata Motors shares were up almost one percent on the Bombay Stock Exchange Sensex index ahead of the earnings announcement.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less