tata motors – no date for nano launch
Tata Motors Ltd, India’s top truck and bus maker which last year bought the Jaguar and Land Rover brands, posted an unexpected loss in the December quarter but said on Friday the worst appeared to have passed.
The company had no definite timetable for the launch of the Nano, slated to be the world’s cheapest car at around 100,000 rupees ($2,000), which had been expected in the current quarter after being delayed from last year.
Sales fell 32 per cent from a year earlier in the company’s fiscal third quarter.
Tata Motors said auto demand in India had severely contracted as a result of financial market turmoil and weakening growth.