May 19, 2021
Tata Motors: Jaguar Land Rover's Indian owner sees surprise $1bn loss
Jaguar Land Rover's owner Tata Motors announced a surprise quarterly loss of more than $1bn. It came as the Indian company wrote off $2.05bn related to its revamp of the UK-based luxury car business. Last month JLR temporarily halted production at its two main factories in Britain due to a lack of chips. For the quarter that ended on 31 March, Tata Motors reported a net loss of $1.04bn, compared to analysts' expectations of a $365.4m profit. The shortage has forced the world's biggest carmakers, including Toyota, Nissan, General Motors and Ford, to cut production. The global motor industry was already reeling from the sharp downturn in sales caused by the pandemic and the challenges of switching to electric-powered vehicles.
Make a complaint about Jaguar or Land Rover by viewing their customer service contacts.