Tata Motors extends losses

TATA MOTORS announced a seventh consecutive quarter of losses Wednesday (9) as chip shortages and weak demand in export markets hurt sales.

Net losses at the Mumbai-headquartered automaker narrowed to $116m in the July-to-September quarter.

But revenue from operations rose nearly 30 percent year-on-year to $9.8bn, as wholesale demand improved despite continued supply chain bottlenecks, such as semiconductor chip shortages.

‘Demand continues to remain strong,' the company said in a stock exchange filing, but warned it remained vulnerable to ‘global uncertainties'. Covid-19 lockdowns in China have also hurt sales this year.

But Tata Motors said ‘improving chip supply and cooling commodity prices‘ will aid business recovery in the quarters ahead.