Coronavirus impact: Tata Motors global sales down by 35 per cent
Tata Motors has reported further slump in it global sales figures. The company has released a statement saying its group global wholesales, including Jaguar Land Rover, stood at at 2,31,929 units in the January-March quarter, lower by 35 per cent compared to Q4 figures in 2019.
Tata Motors said that the global wholesales of all passenger vehicles in the fourth quarter of 2019-20 were at 1,59,321 units. This is lower by 26 per cent from the same period a year ago.
Jaguar Land Rover could sell only 1,26,979 units in this period. Jaguar wholesales for the quarter were 32,940 units, while Land Rover wholesales were at 94,039 units.
In the commercial vehicles segment, global wholesales of all Tata Motors and Tata Daewoo range in Q4 FY20 were at 72,608 units, lower by 49 per cent from it Q4 figures last year.
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For most part of the Q4, sales of all car manufacturing companies hit its lowest ebb due to the ongoing coronavirus pandemic. In March, Tata Motors sold a total of 12,924 vehicles in India, compared to 74,679 units the company sold in the same period in 2019.
Mayank Pareek, President, Passenger Vehicles Business Unit, Tata Motors Ltd. said, “Vehicle sales was affected by the Covid-19 outbreak and the subsequent nationwide lockdown. However, the customer response to our newly launched models – the Altroz and the refreshed BS 6 range is encouraging. Our BS 6 vehicle stock is near zero in the entire network. I would be handing over to Mr. Shailesh Chandra who I am sure will take the PV team and the business to the next level, by delivering an exciting customer experience and building on the strength of the NEW FOREVER product portfolio."
Citing severe free cash flow issues, international rating agency Fitch has downgraded the ratings of Tata Motors to 'B' and also revised down the outlook on the company that owns the marquee British brands Jaguar Land Rover to negative from stable.
The agency sees Tata Motors' consolidated revenue to decline by 12 per cent in FY21 due to the effect of the pandemic-related shutdown, which may rise by 8 per cent in FY22.