Tata Motors has posted its first annual loss in eight years due to a significant drop in demand for vehicles from its newly acquired Jaguar Land Rover (JLR) unit. The Indian automaker, also known for manufacturing the world’s cheapest car (the Nano), posted a net loss of $520 million for its 2009 fiscal year, with a $504 million loss at JLR.
In the 10 months since Tata bought JLR from Ford Motor Co., the division moved just 167,000 units – compared to 246,000 units during the same 10 month period the year before.
Tata’s Vice Chairman Ravi Kant told a news conference that the automaker was continuing to search for ways to cut costs and he did not rule out job cuts and plant closures.
Tata’s fiscal calendar ended at the start of March, and Tata says JLR has posted better numbers since then.
[Source: Reuters]
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