India's Tata Motors posts Q3 loss

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Auto manufacturers across the world are facing many challenges, from the transition to electric vehicles, Brexit uncertainty and regulatory pressure on demand for diesel. The rating company has placed Tata Motors on negative credit watch.

Felix Brautigam, JLR chief commercial officer, said: "We have begun the new year with a stellar start in North America, achieving our best ever January sales and significantly outperforming the industry".

Logos of the carmakers Jaguar and Land Rover are pictured during the first media day of the 78th Geneva Car Show at the Palexpo in Geneva March 4, 2008.

In the three-month period, sales increased for the new Jaguar E-PACE and the electric Jaguar I-PACE as well as the refreshed Range Rover and Range Rover Sport, while the slowdown in China accounted largely for lower sales of other models.

"Jaguar Land Rover is facing headwinds in multiple fronts, including geopolitical uncertainty and technological disruption apart from sluggish demand scenario in a strong market like China", said Debjit Maji, an analyst at Stewart & Mackertich Wealth Management in Kolkata, India.

"Tata Motors' standalone is poised for around 7 per cent revenue growth".

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Carmakers have been on the frontline of economic pressures in the world's second-largest economy as growth slows, with sales falling in China for the first time in nearly three decades during 2018.

"We continue to work closely with Chinese retailers to respond to current market conditions". "Our aspirations for the future will only grow to surpass customers' expectations", Guenter Butschek, CEO and MD, Tata Motors, said.

The company said it's overhauling its China operation, cutting back on deliveries to reduce stock.

Britain's biggest vehicle maker, owned by Indian conglomerate Tata, booked a £273 million loss in the three months to December 31, which follows on from a £90 million loss in the previous quarter. Changes in market conditions, especially in China, technology disruptions and rising cost of debt led to the charge.

The company has axed more than 6,000 jobs in recent months as part of a $3.2 billion cost-cutting plan, and previous year put 1,000 of its United Kingdom workers on a three-day work week. This is expected to result in a one-time exceptional redundancy cost of about £200m.

Shares in Tata Motors plunged as much as 30% in Mumbai on Friday after it reported a loss of $3.8 billion in the quarter ended December - the biggest in Indian corporate history, according to local media.