Tata Motors Ltd unexpectedly lost money in its third fiscal quarter which ended in December of 2008. Sales of Tata vehicles fell 32 percent from a year earlier. Tata is India’s top truck and bus maker. In June of 2008 Tata bought the Jaguar and Land Rover brands from Ford Motor Co RaviKant, Managing Director at Tata said jobs were being cut because of falling demand for both Tata and Land Rover products.
Tata has still not announced at release date for the long awaited Nano, which is to be the world’s cheapest car and is expected to have an MSRP of only $2,000. The Nano will not be cleared for release in the United States, but has been awaited eagerly in India for a long time. Initially set for launch in 2008, the Nano was delayed by labor problems at a West Bengal factory. Tata representatives estimate it will take at least another year to gear up production and begin selling the economical cars.
Tags: Cars, Nano, Tata