Tata Motors today reported its first annual loss in eight years and warned of more job cuts and plant shutdowns at the loss-making Jaguar/Land Rover unit. Tata said that it is preparing for “major belt-tightening” and will be looking to cut costs wherever possible.
“The lightening struck some time in the middle of last year, and there was a huge unprecedented global meltdown,” Vice Chairman Ravi Kant said. “We have sent people on sabbatical, gone for cheaper low-cost country sourcing and tight control in cash flows, and are assisting JLR (Jaguar Land Rover) for a major belt tightening.”
Jaguar/Land Rover sold a total of 167,000 units for the first 10 months it has been owned by Tata, compared to 246,000 during the same period an year ago.
– By: Mo Eladawy