Tata Motors Ltd, the maker of the world's cheapest car, `the Nano,' is all set to launch the cheapest luxury car - the Tata Manza. A re-designed version of the company's Indica Vista, it will be launched on 14 October, just ahead of the Diwali buying season.
Despite its high-profile launch, the unrealistically priced Nano is hardly visible on the road - although the company has garnered a good amount of money from advance bookings for its 'magic car'.
Showing posts with label Tata Motors. Show all posts
Showing posts with label Tata Motors. Show all posts
Thursday, October 8, 2009
Monday, August 31, 2009
Tata Motors posts Rs.329 crore loss in Q1
The high-priced acquisition of Jaguar Land Rover (JLR) and dipping volumes have taken their toll on Tata Motors, which reported a loss of Rs.328.78 crore in the first quarter ended June 30, as compared to a profit of Rs.719.69 crore logged in the same quarter the previous fiscal.
The company's consolidated gross revenue for the first quarter of the current fiscal stood at Rs.16,953.63 crore, while it was Rs.15,496.28 crore in the year-ago period.
However, it said the financial performances in the two periods under review were not comparable as it had acquired the Britain-based luxury car maker Jaguar Land Rover in June 2008.
Increased borrowing to support investments and new product development in addition to adverse global market conditions were cited as the main reasons for the losses.
The company's consolidated gross revenue for the first quarter of the current fiscal stood at Rs.16,953.63 crore, while it was Rs.15,496.28 crore in the year-ago period.
However, it said the financial performances in the two periods under review were not comparable as it had acquired the Britain-based luxury car maker Jaguar Land Rover in June 2008.
Increased borrowing to support investments and new product development in addition to adverse global market conditions were cited as the main reasons for the losses.
Wednesday, June 10, 2009
Tata Motors affirms Thai eco-car project
Tata Motors Ltd said on Wednesday its 5-billion-baht ($147 million) project to produce an ''eco car'' in Thailand by 2012 was still on track.
Ajit Venkataraman, chief executive of Tata's Thai unit, dismissed local newspaper reports that the Indian car giant may be wavering on its Thai project.
Tata is one of six foreign carmakers applying for government incentives to manufacture mini passenger cars with at least an annual production capacity of 100,000 units, he told reporters.
''We have made long-term commitments to Thailand and are a part of its automobile industry with plans to extend our product lines to include commercial vehicles and buses as well as eco-friendly, affordable small cars,'' he said.
The Tata executive said its Thai eco-car would be an entirely different vehicle from the company's Nano model, billed as the world's cheapest car, that has attracted more than 203,000 bookings in India since April.
Nano production will start in early 2010 and full production will be achieved by late next year.
''Our eco-car project is going through its development process. We have several engine-size options, a decision to be dictated by market demand,'' he said, referring to a government requirement for the car to be powered by up to 1,300-cc engines.
Other companies applying to invest in Thai eco-car projects are Toyota Motor <7203.T>, Mitsubishi Motors <7211.T>, Nissan Motor <7201.T>, Honda Motor <7267.T> and Suzuki Motor <7269.T>.
Tata has sold nearly 600 one-tonne pick-up trucks since it entered the Thai market about a year ago. Venkataraman hoped to achieve, within five years, a 5 percent share of the Japanese- dominated segment in which 334,282 trucks were sold in 2008.
Tata and its local partner, Thonburi Automotive Assembly Plant Co, have invested in a 1.5-billion-baht joint venture to produce light trucks at Thonburi's eastern Bangkok suburban plant.
Ajit Venkataraman, chief executive of Tata's Thai unit, dismissed local newspaper reports that the Indian car giant may be wavering on its Thai project.
Tata is one of six foreign carmakers applying for government incentives to manufacture mini passenger cars with at least an annual production capacity of 100,000 units, he told reporters.
''We have made long-term commitments to Thailand and are a part of its automobile industry with plans to extend our product lines to include commercial vehicles and buses as well as eco-friendly, affordable small cars,'' he said.
The Tata executive said its Thai eco-car would be an entirely different vehicle from the company's Nano model, billed as the world's cheapest car, that has attracted more than 203,000 bookings in India since April.
Nano production will start in early 2010 and full production will be achieved by late next year.
''Our eco-car project is going through its development process. We have several engine-size options, a decision to be dictated by market demand,'' he said, referring to a government requirement for the car to be powered by up to 1,300-cc engines.
Other companies applying to invest in Thai eco-car projects are Toyota Motor <7203.T>, Mitsubishi Motors <7211.T>, Nissan Motor <7201.T>, Honda Motor <7267.T> and Suzuki Motor <7269.T>.
Tata has sold nearly 600 one-tonne pick-up trucks since it entered the Thai market about a year ago. Venkataraman hoped to achieve, within five years, a 5 percent share of the Japanese- dominated segment in which 334,282 trucks were sold in 2008.
Tata and its local partner, Thonburi Automotive Assembly Plant Co, have invested in a 1.5-billion-baht joint venture to produce light trucks at Thonburi's eastern Bangkok suburban plant.
Thursday, June 4, 2009
Tata hopes to sell world's cheapest car Nano in U.S.
India's Tata Motors hopes to offer the Nano, dubbed the world's cheapest car, in the United States within two years, its chairman said.
''It will need to meet all emission and crash standards and so we hope in the next two years we will be offering such a vehicle in the U.S,'' Ratan Tata told a panel at the Cornell Global Forum on Sustainable Global Enterprise late Wednesday.
The company plans to offer a European version of the car, which costs about $2,300, in 2011.
Tata got the idea to make a car that poor people could afford while thinking about the motorbike and scooter riders who maneuver through the streets of Indian cities with their children on board.
The four-seater car gets up to 65 miles per gallon (28 km per liter). Cheap labor helps to keep the price down.
Tata said his company was also working to develop cars that run on fuels other than gasoline such as clean diesel, biofuels and batteries.
The Nano debuted in showrooms in January 2008, but production was delayed by protests over land use where a plant was to be located. The cars will be available in India by July with a lottery to select the first 100,000 owners.
''It will need to meet all emission and crash standards and so we hope in the next two years we will be offering such a vehicle in the U.S,'' Ratan Tata told a panel at the Cornell Global Forum on Sustainable Global Enterprise late Wednesday.
The company plans to offer a European version of the car, which costs about $2,300, in 2011.
Tata got the idea to make a car that poor people could afford while thinking about the motorbike and scooter riders who maneuver through the streets of Indian cities with their children on board.
The four-seater car gets up to 65 miles per gallon (28 km per liter). Cheap labor helps to keep the price down.
Tata said his company was also working to develop cars that run on fuels other than gasoline such as clean diesel, biofuels and batteries.
The Nano debuted in showrooms in January 2008, but production was delayed by protests over land use where a plant was to be located. The cars will be available in India by July with a lottery to select the first 100,000 owners.
Tata Motors to start tree plantation drive
Tata Motors will start a huge tree plantation drive across India and other south Asian countries on World Environment Day Friday, according to a company spokesperson.
"The tree plantation drive is part of its endeavour to constantly improve its carbon footprint," the spokesperson said, adding that the company has set itself a target of planting 200,000 saplings across over 1,100 locations in India and abroad this year, beginning June 5.
"This massive campaign is driven across the company - at plant locations, offices and its dealerships, authorised service centres, and spare parts distributors."
The spokesperson added that Tata Motors has already planted over 10 million trees.
In addition, the firm is also organising a free PUC (Pollution Under Control) check-up for its commercial vehicles Friday at over 100 service centres across the country. As part of the PUC check, emission related components would be checked and rectified.
"The tree plantation drive is part of its endeavour to constantly improve its carbon footprint," the spokesperson said, adding that the company has set itself a target of planting 200,000 saplings across over 1,100 locations in India and abroad this year, beginning June 5.
"This massive campaign is driven across the company - at plant locations, offices and its dealerships, authorised service centres, and spare parts distributors."
The spokesperson added that Tata Motors has already planted over 10 million trees.
In addition, the firm is also organising a free PUC (Pollution Under Control) check-up for its commercial vehicles Friday at over 100 service centres across the country. As part of the PUC check, emission related components would be checked and rectified.
Sunday, May 10, 2009
We went too far with Jaguar Land Rover: Ratan Tata
Tata Sons Chairman Ratan Tata says he may have overstretched himself in paying 1.15 billion pounds for Jaguar Land Rover just as a recession loomed.
"If one had known there was going to be a meltdown, then yes [Tata went too far] but nobody knew," he told the Sunday Times newspaper in an interview.
Tata bought the iconic British car manufacturers for 1.15 billion pounds in April 2008 - just over a year after he paid 6.7 billion pounds for acquiring the steelmaker Corus.
"Both the acquisitions were made, I would say at an inopportune time in the sense that they were near the top of the market in terms of price," Tata said.
However, Tata squarely blamed the British government for not doing enough to help JLR secure credits to help it tide over the current slump in demand for cars, saying a further delay could torpedo plans to develop fuel-efficient hybrid cars and resurrect the Jaguar E-type model.
"I would like to see us coming out of the recession with these new products in place. What would be sad - remorseful - is if the meltdown continues and we can't get access to funds.
"I would like to see the British government playing only one role. It controls the banks and all I seek is the facilitation to provide access to credit on commercial terms. Its not a bailout," he added.
Tata, one of the largest foreign investors in Britain, warned: "We're responsible for the fortunes of the company but it is a bone-dry situation in terms of access to credit. Nobody can operate on that basis unless you have large cash balances, which we don't.
"My concern is that the government doesn't appear to care about manufacturing."
However, Tata exempted British Prime Minister Gordon Brown from criticism, saying: "He is a very sincere person and has been very supportive."
Corus and JLR together employ some 40,000 people but a global slump in demand for both steel and cars has seen Corus shut down facilities in Britain, laying off 5,000 staff and JLR making hundreds of redundancies.
"If one had known there was going to be a meltdown, then yes [Tata went too far] but nobody knew," he told the Sunday Times newspaper in an interview.
Tata bought the iconic British car manufacturers for 1.15 billion pounds in April 2008 - just over a year after he paid 6.7 billion pounds for acquiring the steelmaker Corus.
"Both the acquisitions were made, I would say at an inopportune time in the sense that they were near the top of the market in terms of price," Tata said.
However, Tata squarely blamed the British government for not doing enough to help JLR secure credits to help it tide over the current slump in demand for cars, saying a further delay could torpedo plans to develop fuel-efficient hybrid cars and resurrect the Jaguar E-type model.
"I would like to see us coming out of the recession with these new products in place. What would be sad - remorseful - is if the meltdown continues and we can't get access to funds.
"I would like to see the British government playing only one role. It controls the banks and all I seek is the facilitation to provide access to credit on commercial terms. Its not a bailout," he added.
Tata, one of the largest foreign investors in Britain, warned: "We're responsible for the fortunes of the company but it is a bone-dry situation in terms of access to credit. Nobody can operate on that basis unless you have large cash balances, which we don't.
"My concern is that the government doesn't appear to care about manufacturing."
However, Tata exempted British Prime Minister Gordon Brown from criticism, saying: "He is a very sincere person and has been very supportive."
Corus and JLR together employ some 40,000 people but a global slump in demand for both steel and cars has seen Corus shut down facilities in Britain, laying off 5,000 staff and JLR making hundreds of redundancies.
Wednesday, February 25, 2009
Tata Motors launches new lifestyle pickup
Tata Motors launched the new lifestyle pick-up, Xenon Cross Terrain (XT), here today.The four-door five passenger vehicle is powered by the company's 2.2 VTT DICOR engine delivering peak power of 140 PS and peak torque of 320 Nm. It will be available in two models -- the 4x2 for Rs 7.62 lakh and 4x4 for Rs 8.58 lakhs -- with a warranty of 75,000 km/ two years.
For safety and comfort, Xenon will sport power steering and windows, central locking and electrically adjustable ORVMs.
''It would be difficult to classify the segment in which the Xenon belongs to as there are no reference points as far as the Indian market goes. It is a robust product and follows the company's policy of entering and developing a new market and segment, said Tata Motors president (Passenger Cars) Rajiv Dube at the launch.
He said the Xenon would not replace its workhorse -- the TM 4x4, and that both the vehicles were in seperate segments altogether.
''The Xenon is a lifestyle product with a host of accessories to customize available at the dealerships. We are looking at the growing segment of customers looking for SUVs or similar products.'' It is the first vehicle to roll out from the joint efforts of Tata Motors' commercial and passanger car divisions.
''This is the sixth vehicle to be launched by us in the last 14 months including the Fiat Linea, and will be followed by the 'Nano', a MPV (multi-purpose vehicle) and SUV combined vehicle and the Grand Punto,'' said Mr Dube.
''We are facing a tough market but our portfolio of vehicles are catering to the different segments. Right now we have a problem of plenty, and are looking for appropriate spaces as far as dealership and marketing teams are concerned,'' he added.
Tata Motors has already shipped 6,000 units to its overseas markets including Thailand, South Africa, Algeria, Saudi Arabia Italy and Poland.
Saturday, January 31, 2009
Tata Motors net plummets 153 percent; Biggest loss in seven years
The country's third largest passenger car maker and the biggest commercial vehicle manufacturer, Tata Motors, Friday said it posted a net loss of Rs.2.6 billion (Rs.263.26 crore/$58.5 million) in the third quarter of 2008-09, down 153 percent from that posted in the corresponding period last fiscal.The automaker incurred an operating loss of Rs.1.23 billion during the period against a profit of Rs.6.37 billion in the corresponding quarter last fiscal.
“The automotive sector in India suffered severe contraction in demand, arising from major financial and other market upheavals. This exacerbated the lack of liquidity and unavailability of consumer finance,” the company said in a statement.
Tata Motors sold 98,760 vehicles during the quarter, reflecting a drop of nearly 32 percent from the 144,608 units sold in the corresponding quarter last year.
Unaudited results showed the company was plagued by higher operating costs, with the dip in sales revenue exceeding the fall in expenditure by over 8 percent. The loss due to revaluation of foreign exchange borrowing stood at Rs.2.27 billion.
“The contraction in freight movement in many segments of the industry led to a massive drop of 61 percent in the M&HCV (medium and heavy commercial vehicle) segment demand,” the company said.
The sale of its stake in Tata Teleservices for Rs.478 million was reflected in the balance sheet for the quarter.
The company, however, did not make any provisions for expected loss due to relocation of its small car facility from Singur in West Bengal to Sanand in Gujrat.
“Based on the management's assessment of the cost and benefits in connection with the relocation of the project from Singur to Sanand, and pending a detailed evaluation of the options relating to Singur facility, no provision is considered to the carrying cost of capital work in progress,” the company stated in the balance sheet.
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