India’s passenger EV market will hot up in next 3-4 years
Currently Tata Motors held over two-thirds of the country's EV market, but Mahindra & Mahindra and BYD are emerging players in the Indian market.
Tata Motors on Tuesday posted a consolidated net loss for the July-September quarter of Rs 307.26 crore. The company had reported Rs 187.70 crore during the July-September period previous fiscal.
Company’s total revenue from operations fell 18.41 per cent on a year-on-year basis to Rs 52,839.02 crore during the quarter under review as against Rs 65,431.95 crore during the same period last fiscal, Tata Motors said in a regulatory filing.
On a standalone basis, the company posted a net loss of Rs 1,212.45 crore for the September quarter. It had registered a net loss of Rs 1,281.97 crore in the same period last fiscal.
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The total revenue from operations stood at Rs 9,668.10 crore as compared to Rs 10,000.48 crore in the September quarter of 2019-20.
Guenter Butschek, CEO and MD, Tata Motors, said, “the auto industry continued its calibrated progress in Q2FY21 as the nationwide lockdown eased further. With health, safety and wellbeing of our employees and the supporting ecosystem at the forefront, we scaled up capacity while prudently addressing supply chain bottlenecks.”
“In PV, we accelerated the momentum built in Q1FY21 and saw demand gradually emerge in select segments of CV. We remain hopeful for a full recovery in CV industry by end of this fiscal year aligned to the overall improvement in the economy,” he said.
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