Fitch Ratings on Wednesday downgraded the long-term issuer default rating (IDR) of Tata Motors (TML) to ‘BB-’ from ‘BB’ with a negative outlook. The stock of Tata Motors ended the day at Rs 151.25, down by 3.17%, or Rs 4.95, on the BSE. Data from Bloomberg showed that total debt of Tata Motors stood at Rs 1.06 lakh crore as on March 2019.
Tata Motors is learning its lessons from customer feedback on electric vehicles (EVs), where range anxiety and high price looms large, according to Mayank Pareek, president of passenger vehicles business, who also blamed bad driving behaviour and traffic conditions for the poor range of its EV Tigor.
His comments come following complaints by government officials that the range is way lesser than what was promised by the company.
Tata Motors is committed to leading the transition towards electric mobility in the country and it looks to closely work with other group entities to create a viable environment for green vehicles, group chairman N Chandrasekaran said. Chandrasekaran in the Tata Motors’ Annual Report for 2018-19 said that electric vehicles are necessary for India.
Tata Motors has cut by nearly 50% production of its hatchback Tiago and compact sedan Tigor since May, while also temporarily shutting down at least two production lines of commercial vehicles owing to high inventory at the dealers and little space left at the company stockyard, people aware of the development said.
The next few years will be decisive for Tata Motors and the company needs to transform itself to be relevant in the world of future mobility by forming partnerships, developing new solutions and optimise investment, according to Chairman N Chandrasekaran.
In his address to shareholders in the company's Annual Report for 2018-19, he also reiterated that transition to electric mobility needs to be well planned with government and industry working together to ensure development of ecosystem while incentives are provided to stimulate demand and sustainability goals are achieved.
Moody’s Investors Service on Thursday downgraded the corporate family rating (CFR) of Tata Motors (TML) and Jaguar and Land Rover Automotive.
The ratings agency downgraded the CFR of TML and the company’s senior unsecured instruments rating has been downgraded to Ba3 from Ba2 and stated that the outlook remains negative. It also dowgraded the CFR of Jaguar Land Rover (JLR) to B1 from Ba3 and the probability of default rating (PDR) to B1-PD from Ba3-PD.
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