I neglected to include Jaguar and Land Rover in my Dead Pool article a couple weeks back. Turns out they may go down the tubes first – before Mitsubishi.
India’s Tata Motors – which owns the two brands – reported a 96 percent fall in net profit for its third quarter, citing sharply lower earnings for its British luxury carmaker business.
Consolidated net profit for the three months to Dec. 31 fell to 1.12 billion rupees ($16.7 million) from 29.53 billion a year earlier, the company said on Tuesday. Total income from operations fell 4.3 percent to 685.41 billion rupees.
Jaguar Land Rover’s net profit declined to 167 million pounds ($208 million) from 440 million a year ago, on revenue up 13.1 percent to 6.5 billion.
Tata Motors’ domestic business reported a net loss of 10.46 billion rupees as it revamped its passenger vehicles business to boost sales and gain market share.
Carmakers in India were also hit in the third quarter by Prime Minister Narendra Modi’s “demonetisation” move in November, when he declared notes of 500 rupees and 1,000 rupees illegal tender, taking about 86 percent of total currency out of circulation.