As a result, the Indian parent company could turn to some cost cutting measures in order to save some money in these two specific brands, Vice Chairman Ravi Kant told a news conference. More specifically, this would result into new job losses as well as in plant closures, but clear details on the matter are yet to be revealed.
"There has already been 2,000 job losses. We may be looking at more job losses, more plant shutdowns," he was quoted as saying by the aforementioned source.
As for the financial results, Tata Motors posted a net loss for the fiscal year ended March 31 of 25.05 billion rupees ($520 million) compared to a profit of 21.68 billion rupees the year before.
However, Tata Motors continues to expand both Jaguar and Land Rover into unexplored markets. India for example today witnessed the official launch of the two brands and is expected to get two Jaguars and three Land Rover models.
"This is in keeping with our desire to extend the penetration of the brands in India," Ratan Tata, the company's chairman was quoted as saying by Autonews.
"The luxury car market in India is very small, but there is a huge opportunity there. It is growing fast and we expect it to grow fast over the next 5 to 10 years," David Smith, Jaguar Land Rover (JLR) CEO added.
"India is an important part of our plans for the future," Mike Driscoll, managing director of Jaguar told the source.
Google News