Tata Motors has revealed that annual sales of its luxury cars were nearly 244,000 globally. As analysts commented, Tata Motors have been able to revive its position in line with the British luxury marques Jaguar and Land Rover; with hard work, tough decisions combined with a favorable market condition. Loss making former owner, US giant Ford, was able to sell fewer than 50,000 Land Rovers and nearly 15,700 Jaguars in 2007, shortly before it offloaded the brands to India?s top vehicle maker in a $2.3 billion deal.
?A lot of effort has gone into the turnaround. It is not just favorable conditions?, Jigar Shah, head of research for Kin Eng Securities said.
Nine months after the acquisition, Tata Motors had suffered an annual loss of 25 billion rupees in the year 2009. But the company responded aggressively, cutting costs and 3,000 jobs at its British factories, aligning production with demand and tightening control over cash flows.