by admin | May 25, 2021 | Business, Large Enterprise, Markets, Medium Enterprise, News
Mumbai (IANS): Automobile major Tata Motors will increase prices of its passenger vehicles range by up to Rs 25,000 starting April 2019.
The company said in a statement on Saturday that the prices will be hiked due to rising input costs and external economic conditions.
According to Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors: “The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase.”
“We are confident of maintaining our growth trajectory in the coming months on the back of our robust portfolio consisting of segment-leading products like Tiago, Hexa, Tigor, Nexon and Harrier.”
by admin | May 25, 2021 | Business, Economy, Markets, Medium Enterprise, News, Sales, SMEs
Mumbai : Automobile major Tata Motors on Thursday said it will increase prices of its entire passenger vehicles range by up to Rs 40,000 from January 1, 2019.
According to the company, the hike in price from next year is due to rising input costs and increase in fuel prices.
“The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase,” said Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors.
“We are optimistic on maintaining our growth trajectory in the coming year on the back of our robust portfolio consisting of segment-leading products like Tiago, Hexa, Tigor and the Nexon. Early 2019 will also mark the entrance of our most awaited SUV — the Harrier.”
—IANS
by admin | May 25, 2021 | Business, SMEs
Mumbai : Auto major Tata Motors on Tuesday reported a consolidated net loss of Rs 1,863 crore for the quarter ended June 30 on account of losses at its luxury car unit Jaguar Land Rover (JLR).
The automobile major had earned a profit of Rs 3,200 crore in the year-ago quarter.
According to the quarterly results, total revenue from operations stood at Rs 67,081 crore, up 14.7 per cent from the corresponding quarter last fiscal.
JLR, the company’s UK subsidiary, has reported a loss of 210 million pounds in the April-June quarter.
Its revenue fell 6.7 per cent year-on-year to 5,222 million pounds “primarily as a result of the lower wholesales and increased incentives in China in advance of the 1 July duty reduction”.
“With regards to JLR, we faced multiple challenges including temporary issues like China duty impact as well as the market issues like diesel concerns in UK and Europe,” Tata Motors Chairman Natarajan Chandrasekaran was quoted as saying in a statement.
However, the Indian operations (standalone) reported a net profit of Rs 1,188 crore on a net revenue of Rs 16,803 crore, which was up 83 per cent from the year-ago quarter.
In an unrelated development, the company said it has stopped current manufacturing operations in Thailand as the business model there was not sustainable. However, the company will continue to address the Thailand market with a revamped product portfolio suitable to local market needs.
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
Mumbai : Automobile major Tata Motors on Thursday delivered the first set of Tigor Electric Vehicles (EVs) to state-run Energy Efficiency Services Limited (EESL).
According to the automobile major, the first set of Tigor EVs were delivered as part of the state-run company’s initiative to procure 10,000 electric vehicles.
Commenting on the occasion, Tata Motors’ CEO and MD Guenter Butschek said: “This initiative of the Government of India to procure 10,000 electric vehicles is a bold step in terms of promoting green and sustainable transport solutions.”
“With Tigor EV, we have begun our journey in boosting e-mobility and will offer a full range of electric vehicles to the Indian customers. This tender has effectively paved way for connecting our aspirations in the e-mobility space with the vision of the government.”
Tata Motors had qualified as “L1” bidder in the midst of stiff competition and won the tender floated by EESL in September 2017. For phase 1, Tata Motors is required to deliver 250 Tigor EVs, for which it has received a LoA (Letter of Award).
—IANS
by admin | May 25, 2021 | Business, Large Enterprise
Mumbai : To push sales during the year-end period, automobile major Tata Motors on Monday said that it has launched a ‘Mega Offer Max Celebration’ sales offer.
According to the company, the offer provides opportunity to customers “to drive home a Tata car at a down payment of INR 1 and enjoy savings of upto 1 lakh, depending on the model and variant”.
“Tata Motors has tied up with leading financiers and banks to offer up to 100 per cent funding through attractive finance schemes on the passenger vehicles,” the company said in a statement.
“This will be a great opportunity for customers to exchange their cars and enjoy the benefit of huge savings.”
—IANS
