Tata Motors Assures UK PM Theresa May Of Jaguar Land Rover’s Commitment
Team Udayavani, Dec 24, 2018, 12:12 PM IST
Jaguar Land Rover owner Tata Motors has reportedly assured Prime Minister Theresa May of the company’s commitment to Britain’s automotive industry despite the ongoing turmoil of Brexit.
According to ‘The Sunday Times’, Tata Sons chairman Natarajan Chandrasekaran is understood to have written to the British premier to stress that the Tata Group plans to keep investing in JLR and has no intention of selling the firm.
The UK newspaper quoted sources as saying that the letter was designed to reassure ministers in Britain about its long-term commitment to the UK as it seeks government support for electric and driverless technology, and for building a battery factory in the Midlands region of England.
The report comes amid reports of JLR being forced to make job cuts, shedding more than 1,000 agency staff and putting 2,000 workers at its Castle Bromwich plant in the West Midlands on a three-day week.
JLR CEO Ralf Speth has made regular interventions to warn against a “hard Brexit”, or crashing out of the European Union (EU) without a good deal in place, which would adversely hit the car maker’s supply chains and sales.
The Tata Group had acquired the iconic British luxury car brand from Ford in 2008 for USD 2.3 billion, reviving its sagging fortunes to a profitable company employing 40,000 staff. However, falling diesel sales, waning consumer confidence, a collapse in the Chinese market and Brexit contingency planning have wreaked havoc in recent months.
The Midlands-based company racked up half-year losses of 354 million pounds between March and September, reversing profits of 953 million pounds for the same period a year earlier.
The Tata Group declined to comment on the letter quoted in UK media.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
MUST WATCH
Latest Additions
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
BJP’s CT Ravi Booked for Promoting Hatred and Enmity Through Social Media Post
Elections held in 14 LS segments in Karnataka, voter turnout nearly 64 per cent till 5 pm
‘PM is scared, may even shed tears on stage’: Rahul Gandhi’s fresh salvo at Modi