Tata Motors, the parent of British luxury marque Jaguar Land Rover , announced a consolidated net loss of 84.39 billion rupees for the quarter ended June 30 against a loss of 36.98 billion rupees a year earlier. — Reuters pic
“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. 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.
“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.
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