tata motors ltd-spon adr (TTM) Key Developments
Tata Launches Two New Car Models in South Africa
Oct 8 15
Tata Motors Limited has launched two new car models in South Africa after a gap of three years. The automaker aims to become a bigger player in the country's highly competitive market. The company has sold more than 60,000 cars and light commercials in South Africa since its products were first launched in the country in 2014.
Tata Motors Limited Reports Sales Results for the Month and Year to Date Ended September 2015
Oct 1 15
Tata Motors Limited reported sales results for the month and year to date ended September 2015. For the month, sales of passenger and commercial vehicles (including exports) were lower by 2% at 45,215 units, sold in September 2015, over 46,154 vehicles sold in September 2014. The domestic sale of Tata commercial and passenger vehicles for September 2015 were flat at 40,813 nos., over 40,908 vehicles sold in September 2014.
For the year to date, sales (including exports) for the fiscal at 242,569 nos., higher by 2% over 236,670 vehicles, sold last year.
Tata Motors Ltd Plans to Consolidate Manufacturing Plants; Plans to Cut 550 Jobs
Sep 29 15
Tata Motors Ltd. announced it will close three facilities to improve total plant utilization, operational performance and customer focus. Manufacturing operations in Cleveland, Ohio and Milpitas, California will be combined with nearby TTM locations in North Jackson, Ohio and Silicon Valley, California, respectively. TTM's electronic manufacturing solutions (E-MS) facility in Juarez, Mexico will be closed. The company expects a total headcount reduction of approximately 550 employees in conjunction with the plant closures and consolidation. It expects to record between $15 and $20 million in separation, asset impairment and disposal costs related to this restructuring primarily between now and June 30, 2016. Approximately 50% of these costs will be cash expenditures and the rest in non-cash charges.
Tata Motors Plans to Launch 'Magic Mantra' in India
Sep 22 15
Tata Motors Limited announced it is planning to launch a new small commercial vehicle called 'Magic Mantra' in India during October 2015. The model is to be equipped with a 40bhp diesel engine, compared to the 16bhp engine in the Tata Magic. It will be available with a BSIV compliant common rail engine. The Magic range presently has four offerings, based on engine type and fuel. It includes the Magic Diesel (BS3 and BS4), Magic CNG (BS4), Magic Iris Diesel (BS3 and BS4) and Magic Iris CNG (BS4). It is produced at the company's Pantnagar plant, which began its commercial production in August 2007.
Tata Steel Proposes To Sell Shares Of Tata Motors'
Sep 18 15
Tata Steel Limited (BSE:500470) is planning to sell equity shares of face value of INR 2 each of Tata Motors Limited (BSE:500570) to Tata Sons Limited around the market price through an off-market transaction for a total value not exceeding INR 12.5 billion. PTI reported that stake shall be sold for INR 25 billion.