Mexican Media Brands
Tata’s Profit Drops 56%
Tata Motors Ltd.'s revenue in the fiscal fourth quarter ending March 31 grew 4% to 673 billion rupees ($10.5 billion). But net profit plunged to 17.2 billion rupees ($268 million) from 3.9 billion a year earlier.
#economics
Share
Tata Motors Ltd.'s revenue in the fiscal fourth quarter ending March 31 grew 4% to 673 billion rupees ($10.5 billion). But net profit plunged to 17.2 billion rupees ($268 million) from 3.9 billion a year earlier.
Results were dragged down by slower sales for the company's Jaguar Land Rover luxury vehicle unit, including a 33% drop in volume in China. JLR's quarterly revenue rose 9% to 5.8 billion ($9 billion), but net profit fell by one-third to 302 million ($465 million).
Tata Motors says profits also were hurt by unfavorable exchange rates and the cost of launching new models and opening an assembly plant in China and an engine plant in the U.K.
RELATED CONTENT
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.