Jaguar Land Rover posts its biggest ever quarterly loss of £3.4bn in the last quarter of 2018 as it adds a one-off £3.1bn write-down to a £273m loss.
The extent of the financial problems besetting Britain's largest automotive manufacturer and employer has been laid bare less than a month after it announced 4,500 job cuts across its United Kingdom facilities, mainly in the West Midlands.
Shares in Tata Motors plunged as much as 30% in Mumbai on Friday after it reported a loss of $3.8 billion in the quarter ended December - the biggest in Indian corporate history, according to local media. That compared to a profit of Rs 12bn for the same period a year ago.
"The transition from the outgoing Range Rover Evoque and lower Discovery Sport sales in China impacted Land Rover sales, but we are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport".
In an effort to mitigate to impact of weaker demand in China, JLR is focusing on generating profits for its auto dealers, with the company looking to incentivise retail sales over wholesale, Balaji told reporters.
On a standalone basis, Tata Motors posted PAT of Rs 617.62 crore as against Rs 211.59 crore in the year-ago quarter. The rating company has placed Tata Motors on negative credit watch.
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Jaguar Land Rover, which Tata Motors bought in 2008, contributes over 70 per cent to Tata Motors' total revenue and has been a major cash generator over the years. "We are taking the right decisions now to prepare the company for the new technologies and strong product offensive for the future", JLR's chief executive Ralf Speth said. "We continue to work closely with Chinese retailers to respond to current market conditions", he added. "With these interventions, we are building Tata Motors group to deliver strong results in the medium terms".
Guenter Butschek, CEO and MD, Tata Motors, said "Fiscal year 2019 so far has been a challenging period for the industry".
This is expected to result in a one-time exceptional redundancy cost of around £200 million for the luxury unit of Tata Motors. Our business performance is well on track - thanks to the turnaround momentum in the Company.
Tata Motors has bitten the bullet.
Jaguar Land Rover employs just under 39,000 workers at sites including Castle Bromwich, Solihull and Wolverhampton in the West Midlands, and Halewood on Merseyside. The new Land Rover Defender will be revealed later this year.