Tata Motors posts annual loss

Tata Motors posts annual loss

Tata Motors has come out with their latest revenue report and the company has posted their first annual loss in eight years.

The company has also announced more job cuts. Tata is also going to close down some more plants related to Jaguar and Land Rover.

Tata Motors posted a consolidated loss of Rs 2,500 crore for the year ended March. The sales were down 37%.

The company added that their subsidiaries Jaguar and Land Rover posted a loss of Rs 1,777 crore for the year.

Tata added that they would have to cut more jobs at these two companies to control expenses.

The company said: “Although domestic demand has started showing signs of revival since January, it’s too early to call it a recovery. However medium and heavy commercial vehicle sales continue to be weak.”