TATAMOTORS

June 18 (Reuters) - Tata Motors Ltd TAMO.NS:

• LAUNCHED LPO 1622 BUS IN QATAR

Source text: [ID:]

Further company coverage: TAMO.NS

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** Tata Motors's TAMO.NS luxury carmaker unit, Jaguar Land Rover lowers its fiscal 2026 EBIT margins forecast to 5%-7% on Monday from 10% earlier

** At least 3 brokerages downgrade TP for TAMO

** TAMO shares trade 0.8% lower at 681.25 rupees on Tuesday

HEADWINDS PERSIST

** Jefferies ("Underperform", PT: 600 rupees) remains concerned about multiple headwinds across businesses like a weaker dollar, tough China macro, warranty costs etc.

** Morgan Stanley ("Equal-weight", PT: 715 rupees) says JLR stronger than in past downcycles, but earnings recovery will be gradual, with possible FY26 downgrades

** CLSA ("Outperform", PT: 805 rupees) cuts FY26 EPS 4%, led by EBIT margin cut for JLR on tough macroeconomic conditions

(Reporting by Meenakshi Maidas in Bengaluru)

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Adds details, background throughout

June 16 (Reuters) - British luxury carmaker Jaguar Land Rover lowered its fiscal 2026 earnings before interest and taxes margins forecast to 5%-7% on Monday from 10% earlier, amid uncertainty in the global auto industry as U.S. tariffs loom.

Shares in the company's Indian parent Tata Motors TAMO.NS slumped as much as 5.2% in early trade following the announcement.

The revised EBIT margin forecast is also below JLR's reported 8.5% margin for the previous fiscal year ended March 31.

JLR added it sees free cash flow of close to zero in fiscal 2026.

The company, which derives over quarter of its sales from the U.S., had temporarily paused shipments to the country after President Donald Trump slapped a 25% duty on all foreign-made vehicles sold in the world's second-largest car market.

The 'Defender' sport utility vehicle maker said it is re-allocating available units to "accessible markets", to boost profits.

It added that it continues to engage with both the U.S. and UK governments regarding a trade deal signed in May, which allows the UK to export 100,000 cars a year to the U.S. at a 10% tariff, below the 25% levy for other nations.

While JLR's "Range Rover" SUV lineup is manufactured in the UK, the popular "Defender" is made in Slovakia, a member of the European Union, which does not yet have a trade pact with the Trump administration.

The carmaker said it is assessing pricing actions in the U.S. to help offset the tariff impact.

Analysts have said JLR may be less affected by the increased costs associated with the tariffs, thanks to a wealthier customer base that is unlikely to be deterred by a bigger price tag.

However, Tata Motors remains among the most exposed Indian automakers to the U.S. duties, as JLR lacks local manufacturing in the country, unlike most of its rivals, including German brands Mercedes-Benz and BMW BMWG.DE.

(Reporting by Kashish Tandon and Nandan Mandayam in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi Aich)

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** Tata Motors TAMO.NS said on Monday it will invest $4.1 billion over the next five years to nearly double its Indian portfolio of cars to 15 as it looks to gain market share and boost margins

** TAMO plans to spend about 2%-4% of revenues at its commercial vehicles business to reach a market share of 40% by March 2027 from 36% in March 2025

** TAMO shares trade 1.6% higher at 729.1 rupees on Tuesday

EXECUTION IS KEY

** Jefferies ("Underperform," PT: 630 rupees) says sluggish demand and other headwinds stand in the way of TAMO's ambitious goals

** Nomura ("Neutral," PT: 799 rupees) notes execution of market share gains in the small commercial vehicle segment will be key for achieving TAMO's CV business goals, while it remains watchful of the domestic car business's plans amid intense competition

** Motilal Oswal ("Neutral," PT: 690 rupees) says TAMO's targets for the domestic businesses, while "ambitious," would be "challenging" to execute amid waning demand and rising costs

(Reporting by Nandan Mandayam in Bengaluru)

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June 9 (Reuters) - India's Tata Motors TAMO.NS plans to invest up to 350 billion rupees ($4.1 billion) over the next five years, aiming to cement its position as the country's top electric vehicle maker amid rising competition and a push to adopt clean cars.

The maker of the Nexon and Punch sport utility vehicles will nearly double its portfolio from eight models to 15, launch more EVs and compressed natural gas cars as well as enhance the vehicles' technology features, according to its investor day presentation released on Monday.

India, the world's third-largest car market, is planning stricter emission norms starting 2027 and wants EVs to form 30% of all car sales by 2030.

Tata Motors did not share its investment plan for the current year to March 2026, but said last month the domestic businesses, including commercial vehicles, would have a capital expenditure of about 80 billion rupees.

Intense competition in the combustion engine market has allowed rival Mahindra & Mahindra MAHM.NS to overtake Tata. China's MG Motor 600104.SS has also challenged Tata's EV dominance with the "Windsor" model, outselling its products since late last year.

Yet, Tata Motors maintained its target of 16% market share by March 2027, aiming to reach 18%-20% by March 2030.

($1 = 85.6310 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Shilpi Majumdar)

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June 6 (Reuters) - India's Federation of Automobile Dealers Associations (FADA) said on Friday that supply chain headwinds like constraints on Chinese exports of rare earth metals, will keep consumer sentiment in check.

(Reporting by Ananta Agarwal in Bengaluru;Editing by Nivedita Bhattacharjee)

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June 2 (Reuters) -

• INDIAN GOVERNMENT FINALISES NEW ELECTRIC VEHICLE POLICY - STATEMENT

• INDIA GOVERNMENT: INVESTMENT TOWARDS BUILDING, MACHINERY, RESEARCH, CHARGING NETWORK WILL BE CONSIDERED TO A LIMITED EXTENT

• INDIA GOVERNMENT: UNDER NEW SCHEME COMPANIES ALLOWED TO IMPORT EVS PRICED AT $35,000 AT REDUCED TARIFF OF 15% FOR 5 YEARS

• INDIA GOVERNMENT: IMPORT OF EVS AT LOWER DUTY PERMITTED ONLY IF COMPANIES INVEST $486 MILLION IN MANUFACTURING ELECTRIC CARS IN INDIA

• INDIA GOVERNMENT: UNDER NEW SCHEME COMPANIES WILL BE ALLOWED TO IMPORT A MAXIMUM OF 8,000 EVS EACH YEAR

• INDIA GOVERNMENT: COMPANIES MUST BEGIN EV PRODUCTION IN 3 YEARS AFTER GETTING APPROVAL

• INDIA GOVERNMENT: COMPANIES NEED TO ACHIEVE 25% LOCAL CONTENT IN CARS IN 3 YEARS, 50% IN 5 YEARS IN MAKING EVS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, May 29 (Reuters Breakingviews) - India’s largest-ever private credit deal is a prime example of investors having capital burning a hole in their pockets. Struggling conglomerate Shapoorji Pallonji Group has just sold a 298 billion rupees ($3.5 billion) bond to a group including BlackRock BLK.N, Ares ARES.N and Pimco. Lending to financially challenged companies is where the fast-growing industry cut its teeth. But with around a quarter of assets in private credit providers’ portfolios sitting idle, per BNP Paribas, the hoops all sides are jumping through to get this deal done smacks of desperation.

For starters, it’s a zero-coupon bond, meaning the issuer pays no interest. That’s useful for SP Group. Granted, operating profit at the group's flagship company covers twice its interest bill for the six months to the end of September. That’s a big improvement from four years ago, per rating agency ICRA. But last year, the state-backed Power Finance Corporation declined its borrowing request, and rates on another unit's bonds rose after it missed deadlines for asset sales.

The bondholders make their money – a 19.75% yield – by buying the debt at a discount to face value and holding it until it matures in three years’ time. They don’t seem overly confident the borrower will stay out of trouble, as the terms include not one, not two, but three different layers of protection.

First, SP Group must pay back part of the debt if it sells certain assets. Second, its real estate business is providing a 100% guarantee on the paper. Even that’s not enough. As a third level of defence for its creditors, the issuer has agreed to stump up as collateral 9% of Tata Sons, around half its holdings in the company which owns large stakes in Tata Consultancy Services TCS.NS, Tata Motors TAMO.NS and more.

That pledged chunk could be worth between $8 billion and almost $19 billion, based on research by analysts at wealth manager Spark last year that factors in how much of a discount is applied to the unlisted company’s various public investments.

Trouble is, it’s not certain that Pimco and partners, which also include Farallon Capital Management and Deutsche Bank DBKGn.DE, would be able to get their hands on SP Group’s portion: Tata Trusts, which is Tata Sons’ controlling shareholder, insists the stock is not "freely transferable". Despite their evident trepidation at SP Group's ability to repay them, the bondholders will be hoping they won’t need to put that to the test.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Indian conglomerate Shapoorji Pallonji Group has issued an unrated and unlisted 298 billion rupees ($3.5 billion) three-year zero-coupon bond to companies including BlackRock, Pimco, Davidson Kempner Capital Management, Farallon Capital Management, Ares Management and Deutsche Bank, which also arranged the deal.

The deal offers a yield of 19.75% by being priced at a discount to face value. It is the largest private credit transaction in India, IFR reported on May 16, citing market sources.

(Editing by Antony Currie; Production by Ujjaini Dutta)

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By Aditi Shah

NEW DELHI, May 28 (Reuters) - Indian auto production could grind to a halt within days due to Chinese export restrictions on rare earth magnets, according to company executives and documents from industry groups, which want the government to lobby Beijing to relax the curbs.

China, which controls over 90% of global processing capacity for the magnets used for automobiles, clean energy and home appliances, enacted restrictions in April requiring companies to obtain import permits from Beijing.

Though a response to U.S. President Donald Trump's tariffs, the export curbs will impact automakers globally. And Indian companies say a disruption in the world's third-largest car market is imminent due to rapidly depleting stocks and the onerous process of obtaining new supplies.

In a meeting with commerce ministry officials last week, the Society of Indian Automobile Manufacturers (SIAM), an industry group, said inventories at auto part makers are expected to run out by the end of May, according to an unreleased document seen by Reuters.

SIAM was seeking the intervention of Prime Minister Narendra Modi's government to help access magnets held at Chinese ports since April 4.

"Starting end May or early June, auto industry production is expected to come to a grinding halt," SIAM said in the document, which was presented during a May 19 meeting attended by executives from Maruti Suzuki, Mahindra & Mahindra and Tata Motors.

While China has cleared exports from some magnet producers, including Volkswagen VOWG.DE suppliers, three auto industry executives told Reuters they fear strained relations between Beijing and New Delhi could hurt India's chances of getting quick approvals.

The company officials asked not to be identified due to the sensitivity of the issue.

When asked about the magnet restrictions' impact in India, China's embassy in New Delhi said it was "actively facilitating and streamlining compliant trade" in accordance with legal and regulatory requirements.

"China's lawful imposition of export controls on these items aims to better safeguard national security and interests," it said in a statement.

Mahindra MAHM.NS, Maruti MRTI.NS, Tata TAMO.NS, SIAM and India's commerce and external affairs ministries did not respond to requests for comment. Neither did the Auto Component Manufacturers Association of India (ACMA), which also attended the meeting.

PERMIT HEADACHES

While rare earth magnets are a crucial component in electric vehicle motors, they are also required for parts like power windows and audio speakers used in traditional cars.

And though the measures imposed by Beijing are meant to focus on high-performance exports, shipments of low-end magnets are also being held up at ports due to confusion around implementing the restrictions.

China's exports of permanent magnets fell 51% year on year to 2,626 tons in April, the first month of data following the curbs, customs data shows.

India's auto sector imported 460 tons of rare earth magnets, mostly from China, in the fiscal year ended March 31 and expects to import 700 tons worth $30 million this year, according to industry estimates.

"Though the cost of imported rare earth magnets is miniscule in vehicles, risk is vehicles cannot be manufactured even if we are short of one component," SIAM and ACMA said in a separate document submitted to the Indian government.

Indian companies are worried by the complexity of an import process that requires approvals from Indian ministries and documents including so-called "end-use certificates" stating the magnets are not for military purposes, the SIAM document said.

Those documents must be verified by the Chinese embassy in New Delhi and sent to companies' Chinese suppliers whereafter Beijing issues a licence, it added.

India should endorse applications from importers "within hours", the SIAM document said, and push the Chinese embassy and commerce ministry to approve them "on an urgent basis".

(Reporting by Aditi Shah; Editing by Joe Bavier)

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Adds details on Honda's hybrid line-up in paragraph 7

By Daniel Leussink

TOKYO, May 20 (Reuters) - Honda Motor 7267.T said on Tuesday that it was scaling back its investment in electric vehicles given slowing demand and would be focusing on hybrids, now far more in favour, with a slew of revamped models.

Japan's second-biggest automaker after Toyota Motor 7203.T also dropped a target for EV sales to account for 30% of its sales by the 2030 financial year.

"It's really hard to read the market, but at the moment we see EVs accounting for about a fifth by then," CEO Toshihiro Mibe told a press conference.

Honda has slashed its planned investment in electrification and software by that year by 30% to 7 trillion yen ($48.4 billion).

It's one of a number of global car brands dialling back EV investment due to the shift in demand in favour of hybrids and as governments around the world ease timelines to meet emission rules and EV sales targets.

U.S. President Donald Trump has, for example, revoked a Biden administration executive order that sought to ensure all of new vehicles sold in the United States by 2030 were electric.

Honda plans to launch 13 next-generation hybrid models globally in the four years from 2027. At the moment it has sells more than a dozen hybrid models worldwide, though just three in the U.S. - the Civic, which comes in hatchback and sedan versions, the Accord and the CR-V.

It will also develop a hybrid system for large-size models that it plans to launch in the second half of the decade.

The automaker is aiming to sell 2.2 million to 2.3 million hybrid vehicles by 2030, a huge jump from 868,000 sold last year. That also compares with a total of 3.8 million vehicles sold overall last year.

Earlier this month, Honda announced it had put on hold for about two years a C$15 billion ($10.7 billion) plan to build an EV production base in Ontario, Canada, due to slowing demand for electric cars.

Honda said, however, that it still plans to have battery-powered and fuel-cell vehicles make up all of its new car sales by 2040.

Other automakers that have scaled back EV investment include struggling rival Nissan 7201.T, which this month abandoned a plan to build a $1.1 billion battery factory on Japan's southwestern island of Kyushu just months after it had announced the project.

Jaguar Land Rover has shelved plans to build electric vehicles at parent company Tata Motor's TAMO.NS upcoming $1 billion factory in southern India, sources have said.

($1 = 144.7 yen)

(Reporting by Daniel Leussink; Editing by Edwina Gibbs)

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Corrects syntax in headline

May 15 (Reuters) - Indian automakers posted a near 4% jump in sales to dealers in April, led by strong demand for sport utility vehicles (SUVs), data from an industry body showed on Thursday.

Domestic sales of all cars in the country to dealers rose to 348,847 units last month, compared to 335,629 in April last year, according to data from the Society of Indian Automobile Manufacturers (SIAM).

Mahindra & Mahindra MAHM.NS posted a 28% jump in sales in April, overtaking Hyundai India HYUN.NS to the No.2 spot by overall sales in the in the world's third-largest car market.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)

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** Shares of India's Tata Motors TAMO.NS are down 2% at 705 rupees

** Analysts expect Q4 consol net profit at 74.58 billion rupees, per data compiled by LSEG; co posted profit of 174.07 billion rupees in year-ago quarter, aided by 94.78 billion rupees tax credit

** Rev expected to rise 2.5% to 1.22 trillion rupees, aided by higher sales of sport utility vehicles at its luxury stable Jaguar Land Rover

** TAMO's 6% drop in domestic passenger vehicle sales to weigh on Q4 results

** Expect EBITDA margin at JLR to contract 130% Y/Y due to rising discounts and higher warranty costs - Motilal Oswal

** Adds, EBITDA margin for PV likely to remain stable

** TAMO down 4% so far in 2025 vs 1% drop in Nifty Auto index .NIFTYAUTO

(Reporitng by Nishit Navin)

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** Indian automaker Tata Motors Ltd TAMO.NS climbs 2.9%, while broader markets .NSEI down 0.7% .BO

** US-UK announce trade deal on Thurs that, among other things, allows UK to ship 100,000 cars to the US at 10% tariff

** Tata-owned, UK-based JLR had paused car exports to US in April (JLR gets 25+% sales from US; accounts for 2/3 of Tata rev)

** Morgan Stanley says trade deal is "a partial relief" for JLR

** CLSA sees hit to JLR's FY26 US dropping to sub-10%, from 30% earlier

** Investec says deal likely to limit JLR US sales decline to 9% from 22% previously estimated

** TAMO trims YTD losses to 5.2%

(Reporting by Nandan Mandayam in Bengaluru)

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** India's Tata Motors TAMO.NS jumps 4% to 672 rupees, top gainer on blue-chip Nifty 50 .NSEI, which is up 0.3%

** Carmaker on Tuesday said its shareholders have approved the plan to split the auto maker into two listed cos, separating its passenger and commercial vehicle arms

** Co last March had said that it would divide its CV arm from its PV business to unlock better growth prospects

** TAMO among 15 stocks on auto index .NIFTYAUTO rated "buy" - data compiled by LSEG

** Stock down ~12% YTD vs auto index's .NIFTYAUTO 0.4% rise

(Reporting by Yagnoseni Das in Bengaluru)

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** India's Tata Motors TAMO.NS climbs as much as 2.2%; last up 1.2%

** Carmaker's luxury arm Jaguar Land Rover has restarted shipments of vehicles to the United States after pausing them in the face of U.S. President Donald Trump's tariffs, London's Times newspaper reported on Sunday

** TAMO's stock sank 10% when JLR paused car shipments to US after Trump's 25% auto tariffs came into effect

** TAMO among 15 stocks on auto index .NIFTYAUTO rated "buy" - data compiled by LSEG

** Stock down ~11% YTD vs auto index's 0.7% decline

(Reporting by Kashish Tandon in Bengaluru)

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Updates May 3 story with response from JLR in paragraphs 3-4

May 4 (Reuters) - Jaguar Land Rover has restarted shipments of vehicles to the United States after pausing them in the face of U.S. President Donald Trump's tariffs, London's Times newspaper reported on Saturday.

The first shipments of JLR vehicles bound for the U.S. for almost a month left Britain on Wednesday, the report said.

A JLR spokesperson said in an emailed statement that the U.S. is a key market for its luxury brands, with 25% tariffs on autos still in effect.

"As we work to address the new US trading terms with our business partners, we are enacting our planned short-term actions, as we develop our mid- to long-term plans. We will give a further update at our full year results in May," the statement added.

JLR, which is owned by India's Tata Motors TAMO.NS, said in April that it would pause shipments of its Britain-made cars to the U.S. for a month as it considered how to mitigate the cost of Trump's 25% tariff on imported cars and light trucks, which came into effect on April 3.

Trump said on Thursday he will soften the blow of his auto tariffs through an executive order mixing credits with relief from other levies on parts and materials.

British luxury carmaker Aston Martin's AML.L CEO Adrian Hallmark said on Wednesday it would split the costs from U.S. tariffs between the company and its customers, and sell down its U.S. inventory while limiting shipments there.

Britain's car industry employs 200,000 people directly. The United States is the second-biggest importer of British-made cars after the European Union, with a near 20% share, data from industry body SMMT shows.

(Reporting by Rishabh Jaiswal and Rajveer Singh Pardesi in Bengaluru
Additional reporting by Bipasha Dey
Editing by Andrew Heavens and Frances Kerry)

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May 3 (Reuters) - Tata Motors Ltd TAMO.NS:

• JAGUAR LAND ROVER HAS RESTARTED SHIPMENTS OF VEHICLES TO THE UNITED STATES - THE TIMES

Source text: https://tinyurl.com/2xzpvyum

Further company coverage: TAMO.NS

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May 2 (Reuters) - Tata Motors Ltd TAMO.NS:

• TATA MOTORS LTD - APPROVES 5 BILLION RUPEES NCD ISSUANCE

Source text: ID:nBSE3C70Pz

Further company coverage: TAMO.NS

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May 1 (Reuters) - Three of India's top four carmakers reported weak sales to dealers in April, company data showed on Thursday, as buyers delayed purchases amid concerns about slowing economic growth.

Market leader Maruti Suzuki MRTI.NS posted a marginal 0.6% year-on-year rise, while Hyundai Motor India HYUN.NS and Tata Motors TAMO.NS clocked declines of 11.6% and 5.1%, respectively.

Mahindra & Mahindra MAHM.NS, in contrast, reported a near 28% jump in monthly sales, aided by strong demand for its 'XUV 3X0' and five-door 'Thar' SUVs.

That helped the 'Scorpio' maker overtake Hyundai and Tata Motors to the no. 2 spot in India's car market for the second time this year.

The four automakers together account for 80% of a market that saw record sales of 4.3 million units last year. Their combined sales were up about 1.4% in April, led largely by Mahindra.

WHY IT MATTERS

India's auto sector makes up 7% of GDP and is a major employer.

The country's economic growth is seen slowing down, with the central bank projecting full-year GDP growth of 6.5% for fiscal 2025, lower than the 9.2% recorded the year before.

KEY CONTEXT

Car sales are cooling as the post-pandemic pent-up demand, which propelled sales to record highs in past years, has faded. Growth slowed to 2% in financial year 2025, from 8% the previous year and 27% in fiscal 2023, with industry experts attributing the moderation to a broader economic slowdown.

Manufacturers expect car sales to grow 1%-2% this year, although some analysts expect growth to pick up by June or September on lower interest rates and a cut in personal income tax.

Phillip Capital said that buyers were postponing purchases, with the trend likely to continue for up to four months.

Maruti has held up better due to SUV demand and fleet sales, while Hyundai and Tata have struggled amid fewer new launches as they derive two-thirds of their sales from SUVs.

BY THE NUMBERS

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)

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By Nick Carey

LONDON, April 30 (Reuters) - Unable to predict the impact of U.S. President Donald Trump's ever-changing trade war, Stellantis and Mercedes-Benz became the latest automakers on Wednesday to yank their profit guidance citing market uncertainty wrought by tariffs.

Volkswagen VOWG_p.DE issued guidance at the bottom end of its forecast, but UBS analyst Patrick Hummel wrote in a client note that the German automaker's outlook did not "include any impact of U.S. tariffs," calling it "essentially a withdrawal of guidance".

Trump's trade war has pummeled markets in recent weeks and even before the latest moves, a Reuters analysis showed that about 40 companies worldwide have pulled or lowered their forward guidance in the first two weeks of the first-quarter earnings season, including General Motors GM.N and Volvo Cars VOLCARb.ST.

The moves underscore the chaos unleashed by the ever-changing tariffs and the uncertainty in boardrooms and on Main Street, which is stifling Americans' appetite for spending.

The 25% tariffs on imported autos imposed earlier this month are expected to raise U.S. car prices by thousands of dollars, reducing demand and piling pressure on an automobile industry already struggling with a slowing transition to electric vehicles.

Faced with a lack of clarity, Mercedes executives exuded an aura of studied calm during the company's first-quarter conference call with analysts, referring to the chaos of Trump's opaque, shifting tariff policy as a "dynamic market environment".

Chief Financial Officer Harald Wilhelm told analysts that full-year guidance "cannot be provided today with a reliable degree of certainty".

But he warned if U.S. tariffs remained in place all year, it would shave 3 percentage points off profit margins for car sales and 1 percentage point for vans.

CEO Ola Källenius said the premium German automaker was still holding "constructive" talks with the Trump administration on its future U.S. production footprint, but stressed that Mercedes is determined to "see this through with a steady hand".

Investor reaction was muted, as markets digested the latest orders issued by Trump on Tuesday which offered some tariff relief to U.S. domestic automakers.

Under those orders, automakers will no longer also be subject to 25% tariffs on steel and aluminum or on Canadian and Mexican goods related to the U.S. fentanyl crisis. They would also receive credit for U.S.-assembled vehicles.

Volkswagen and Mercedes shares were down 0.5% and 0.9%, respectively, while Stellantis - which is far more reliant on U.S. production and stands to benefit more from the changes - was up 1.8%.

READY TO WORK

Despite pleas from analysts on a quarterly earnings call, Volkswagen CFO Arno Antlitz declined to quantify the impact of tariffs, saying it was too early to do so.

"We stand ready to work with policymakers to find solutions to support the industry while preserving opportunities for workers," Antlitz said, adding the group would adjust its forecast once there was more clarity.

The auto industry plans years ahead, weighing billions of dollars in investments in assembly plants and new models based on car sales forecasts. The bedrock of all those investments is market certainty.

"Trump has a track record of changing course, so there's every chance we'll see further adjustment," said Philipp Sayler von Amende, chief commercial officer at British online car marketplace Carwow.

"From investment decisions to stock availability and consumer confidence, this is a global industry that needs clarity - not surprises - to thrive."

Stellantis said in a statement that its decision to pull guidance was "due to evolving tariff policies, as well as the difficulty (in) predicting possible impacts on market volumes".

Pal Skirta, analyst at German research firm Metzler, said Trump's move on Tuesday to give automakers two years to boost the percentage of local components in U.S.-made vehicles indicated his administration was unlikely to pull back from tariffs and would probably stick to pushing for an increase in domestic production.

"This could result in two burdens for manufacturers," he said, consisting of "ongoing tariff costs" while also having to invest in restructuring global supply chains and increasing U.S. production.

(Reporting By Nick Carey; additional reporting by Victoria Waldersee in Berlin and Giulio Piovaccari in Milan; Editing by Kirsten Donovan)

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April 25 (Reuters) - India's Tata Technologies TATE.NS reported a smaller-than-expected revenue for the fourth quarter, hurt by slowing global demand for electric vehicles.

Tata Technologies provides engineering and technology services to automobile, aero and heavy machinery makers.

The company's consolidated revenue from operations dropped 1.2% to 12.86 billion rupees ($150.6 million) in the January-to-March quarter.

Analysts, on average, had expected revenue of 13.13 billion rupees, as per data compiled by LSEG.

Revenue from its technology solutions segment dipped 14.5%, while its services segment revenue rose 2.9%.

Engineering, research, and development (ER&D) firms have been grappling with slower decision-making in the auto sector, largely driven by concerns over U.S. tariffs, weak auto growth in China, sluggish EV adoption and automakers scaling down electrification targets as a result.

Fellow Tata Group company and peer Tata Elxsi TTEX.NS, earlier in the month, missed quarterly estimates as its top customers in the auto industry paused a number of projects due to tariff issues.

Tata Technologies' net profit rose to 1.89 billion rupees from 1.57 billion rupees a year ago, helped by an uptick in its other income.

Shares of the company closed 3.4% lower ahead of results.

($1 = 85.4210 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

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By Aditi Shah

NEW DELHI, April 24 (Reuters) - India's capital New Delhi plans to limit gasoline and diesel-powered cars a family can buy as well as ban sales of fuel-guzzling motorbikes and scooters, according to a draft policy aimed at cleaning up one of the world's most polluted cities.

The measures represent one of the most drastic steps the city has lined up to tackle pollution, which often forces local authorities to ban some construction, shut schools and disrupt flights in the city of more than 30 million people during the winter season.

Under Delhi's new electric vehicle policy, the city government will also waive some local taxes on the purchase of hybrids, putting them on par with concessions given to EVs, while imposing a new levy of 0.5 rupees ($0.0059) on every litre of petrol sales, according to the 74-page draft seen by Reuters.

The primary objective "is to unlock the next phase of EV adoption, reduce air pollution and contribute to India's energy independence and net-zero targets," the draft stated.

Every year ahead of the onset of winter in Delhi, calm winds and low temperatures trap pollutants from sources including vehicles, industries and crop residue burning in nearby fields, raising the level of harmful toxins in the air.

Delhi launched the first phase of its EV policy in 2020 which helped boost the share of electric models to 12% of all new vehicle sales, including motorbikes and cars, in 2024.

Under the second phase, the policy document says, no new sales of gasoline, diesel and gas-based two-wheelers will be allowed from April 1, 2027. It is also providing a cash incentive of up to $350 on the purchase of electric bikes and scooters.

Officials at Delhi's transport ministry and the chief minister's office did not immediately respond to an email seeking comment.

LIFELINE FOR RESIDENTS

Two-wheelers are a lifeline for millions of Delhi residents, and the move could significantly impact Delhi's lower- and middle-income groups who depend on them, and not cars, to navigate the city's often congested roads.

In 2024, nearly 450,000 new two-wheeler scooters and motorbikes were sold in Delhi. There were 8 million vehicles on Delhi's roads in 2022-23, of which 67% were two-wheelers, according to central government figures.

A ban on the sale of fossil fuel two-wheelers from 2027 will hurt manufacturers such as Bajaj Motors BAJA.NS, TVS TVSM.NS and Hero MotoCorp HROM.NS, although some of the negative impact may be offset by increased sales of their electric two-wheelers.

And in a move aimed at the more affluent population, the policy is also set to limit the number of fossil fuel cars each household can purchase to two, as it aims for a 30% EV penetration by 2030, from around 2.7% last year.

"All private car owners in Delhi will be required to purchase only electric cars if they intend to own (a) third or subsequent car registered to the same residential address," the document stated.

The policy, which is expected to cost the Delhi government 28.6 billion rupees, is subject to change based on feedback from car makers and other stakeholders. It was not immediately clear when the policy will be finalised or how it will be funded.

The city government is also planning some tax waivers for hybrid vehicles to match the concessions to those given for EVs, potentially lowering their cost by up to 15%.

The move is in line with a similar move made by neighbouring state Uttar Pradesh. They are considered a win for the likes of Toyota Motor 7203.T and Maruti Suzuki MRTI.NS, but a setback for homegrown Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS who focus on EVs.

($1 = 85.3350 Indian rupees)

(Reporting by Aditi Shah; Editing by Muralikumar Anantharaman)

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By Aditi Shah and Aditya Kalra

NEW DELHI, April 23 (Reuters) - Tesla sees India's 100% import tariffs on cars making customers anxious, and the carmaker is still assessing when to enter the "very hot" market even as those concerns linger, its chief financial officer said on Tuesday.

Tesla has long wanted to sell in the world's third-largest car market, but high tariffs, which its chief Elon Musk has said are among the steepest in the world, have been a deterrent.

Even so, Tesla has in recent weeks finalised some showroom space in India and posted more than two dozen jobs, signalling it is getting closer to a launch. Commercially available custom records show that in March, Tesla imported a Model Y car to India from Germany at a shipment value of $46,000.

"The same car which we're sending is 100% more expensive than what it is. So that creates a lot of anxiety. People feel OK, they're paying too much for the car ... That's why we've been very careful trying to figure out when is the right time (to enter India)," Vaibhav Taneja said in an earnings call.

"India is a very hot market," he added.

Tesla posted dismal first quarter earnings on Tuesday, with net profit plunging by 71%.

Tesla has been lobbying India to lower import tariffs on cars, and Prime Minister Narendra Modi's officials are in talks with U.S. President Donald Trump's administration to lower the 100% levies under a bilateral trade deal.

The United States has asked for elimination of tariffs on cars, but New Delhi is unlikely to bring down taxes to zero immediately even as it considers further cuts.

Any duty cuts that make imported cars cheaper have seen strong opposition from local carmakers such as Tata Motors TAMO.NS and Mahindra and Mahindra MAHM.NS.

Musk said this week he is planning to visit India this year, after Modi and the billionaire had a conversation about collaboration in technology and innovation.

Last year, Tesla came close, with Musk planning to visit India where he was expected to announce an investment of $2 billion-$3 billion, including in a factory to manufacture EVs. But he cancelled the trip at the last moment.

(Reporting by Aditi Shah. Editing by Gerry Doyle)

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April 15 (Reuters) - Indian carmakers' sales to dealers grew 2% in financial year 2025, as steady demand for larger sport utility vehicles made up for weaker sales of small cars and sedans, industry data showed on Tuesday.

Carmakers sold a record 4.3 million units in the world's third-largest car market, according to the Society of Indian Automobile Manufacturers (SIAM), but the growth was at least a four-year low.

Since rising by 12% in fiscal year 2022 and 27% in 2023 to what was then a new record, India's domestic car sales growth has moderated, rising 8% in 2024 and 2% in 2025.

India's financial year runs from April through March.

The manufacturers in February estimated the industry would grow 1% to 2% in the current fiscal year, but analysts have called the forecasts conservative.

Carmakers have had to offer higher discounts for longer to prop up demand, as pent-up demand that had led growth in previous years fizzled out, analysts and industry insiders have said.

SIAM said it expects domestic demand to be boosted by successive rate cuts by India's central bank, as well as a cut in personal income tax announced earlier this year.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K)

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April 10 (Reuters) -

• JLR INDIA RECORDS HIGHEST EVER ANNUAL SALES WITH GROWTH OF 40% IN FY25 - STATEMENT

• JLR INDIA REPORTED ANNUAL RETAIL SALES OF 6,183 UNITS IN FY25 - STATEMENT

Further company coverage: TAMO.NS

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April 8 (Reuters) - Tata Motors Ltd TAMO.NS:

• TATA MOTORS GROUP GLOBAL WHOLESALES AT 3,66,177 IN Q4 FY25

Further company coverage: TAMO.NS

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Updates share levels throughout, adds background, milestones, brokerage ratings in paragraphs 5-9

April 7 (Reuters) - Shares of India's Tata Motors TAMO.NS sank 10% on Monday, set for their worst day in over three years, as its luxury car unit Jaguar Land Rover paused exports of its British-made cars to the U.S. after President Donald Trump's 25% tariff came into effect.

The slide on the day has taken the stock's tumble to 22% since Trump announced the import duties on March 26. In that period the benchmark Nifty 50 .NSEI has dropped 6.3%, including a 4% slump on the day.

The United States is the second-biggest importer of British-made cars after the European Union, with nearly a 20% share, data from industry body SMMT shows.

The U.S. was one of JLR's only growth markets last year and accounts for more than a quarter of its global sales of Range Rover Sports, Defenders and other models.

JLR's sales, in turn, account for two-thirds of Tata Motors' revenue and a significant part of its profit and cash flow.

That has made Tata Motors one of the biggest losers among auto stocks since the tariffs were announced, with its 22% slide more than double the roughly 10% drop in the broader auto .NIFTYAUTO index.

Besides Tata, the other carmakers in the 15-member auto index do not export to the U.S. However, the index includes many component makers that have an indirect exposure, such as Bharat Forge BFRG.NS, which supplies Tesla TSLA.O.

Bharat Forge's stock also tumbled about 10% on the day.

Brokerage CLSA said in a note last week that it expects a 14% drop in JLR's overall volumes in the fiscal year to March 2026, led by a 26% drop in U.S. sales on the back of tariffs.

Analysts still rate Tata's stock "buy" on average, according to data compiled by LSEG, similar to its Indian peers.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)

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LONDON, April 5 (Reuters) - Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, as it considers how to mitigate the cost of President Donald Trump's 25% tariff, according to a report in the Times newspaper.

Jaguar Land Rover, which is owned by India's Tata Motors TAMO.NS, did not immediately respond to a request for comment on Saturday.

A pause in shipments would add to fears over the impact from tariffs on Britain's car industry, which employs 200,000 people directly. The United States is the second-biggest importer of British-made cars after the European Union, with nearly a 20% share, data from industry body SMMT shows.

Jaguar Land Rover, one of Britain's biggest producers by volume, sells 400,000 Range Rover Sports, Defenders and other models annually. Exports to the U.S. account for almost a quarter of those sales.

The U.S. 25% tariff on imported cars and light trucks took effect on April 3. The previous day, Trump announced tariffs on other goods from countries across the globe, upending world trade.

Britain has said it is focused on trying to secure a trade deal with Washington.

The Times said that Jaguar Land Rover is thought to have a couple of months' supply of cars already in the U.S., which will not be subject to the new tariffs.

(Reporting by Sarah Young
Editing by Tomasz Janowski)

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** Shares of Tata Motors Ltd TAMO.NS slide 9.2% this week, set for their biggest weekly loss since May 2024

** Indian automaker currently down 6.3% on the day, among biggest losers on Nifty 50 .NSEI index

** CLSA downgrades Jaguar Land Rover (JLR) owner to "outperform" from "high conviction outperform", lowers PT to 765 rupees from 930 rupees

** Brokerage sees JLR's global volumes dropping 14% in FY26 due to U.S. tariff of 25% on imported cars

** Adds, in U.S. – one of JLR's few growth markets last year - JLR sales would fall 26% in FY26

** JLR's luxury cars are made in the UK and Slovakia

** Estimates JLR EBIT margin to drop to 7% in FY26 vs company's target of 10%

** JLR will remain net debt free with positive free cash flow of 575 million pounds ($746 million) - CLSA

** Stock down 17% so far this year vs auto stocks' .NIFTYAUTO ~10% decline

(Reporting by Nandan Mandayam in Bengaluru)

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By Aditi Shah, Shivangi Acharya and Aftab Ahmed

NEW DELHI, April 2 (Reuters) - India plans to lower import tariffs on electric cars, rejecting requests from local automakers to delay such cuts by four years, as New Delhi prioritises closing a trade deal with the United States, government and industry sources told Reuters.

The automakers are lobbying Prime Minister Narendra Modi's government to delay any cut in EV tariffs until 2029, and then phase in a reduction to 30% from as high as roughly 100%, two industry sources and one government official said.

However, New Delhi is serious about lowering EV tariffs - which have riled U.S. President Donald Trump and his ally Tesla TSLA.O CEO Elon Musk - and the sector is set to be part of the first tranche of tariff reductions in a planned bilateral trade deal, this government official - and another - said.

"We have protected the auto industry for far too long. We will have to open it up," the second government official said, adding the plan was to lower tariffs "significantly", including on EVs.

The officials declined to disclose the size of the planned duty cut given ongoing negotiations with Washington.

The sources, who are familiar with the talks and the auto industry's demands, declined to be named as they are not authorised to speak to the media.

India's commerce ministry and the Society of Indian Automobile Manufacturers, which represents carmakers in the world's third-largest auto market, did not immediately respond to emails seeking comment.

New Delhi's plan to cut duties on EVs and other goods comes as it seeks to build bridges with Trump - who has referred to India as a "tariff king" - even as he prepares to announce reciprocal tariffs on trading partners later on Wednesday.

An immediate cut would be a victory for Tesla, which has finalised showrooms in Mumbai and New Delhi to begin selling imported cars in the South Asian nation this year. Trump has said it is currently "impossible" for Tesla to sell in India and it would be unfair if it had to build a factory there.

But it would be a setback for domestic players like Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS, which have invested millions of dollars in local EV manufacturing, with more to come, and lobbied against duty cuts.

Automakers fear any agreement with the U.S. would set a precedent for ongoing trade talks with the European Union and Britain, intensifying competition in India's small but fast growing EV sector, three of the sources said.

India's EV sales, dominated by Tata Motors, accounted for just 2.5% of total car sales of 4.3 million in 2024, and the government wants to increase this to 30% by 2030.

Carmakers are open to some immediate duty cut on gasoline models, followed by a phased reduction to 30%, but say their EV investment is tied to New Delhi's incentive programme for local manufacturing that runs until 2029, and allowing cheaper imports before then would hurt their competitiveness, the sources added.

"They are not so rigid on ICE (internal combustion engine vehicles) but have sought careful consideration for EV duties given early investment commitments," the first government source said.

(Reporting by Aditi Shah, Shivangi Acharya and Aftab Ahmed. Additional reporting by Aditya Kalra in New Delhi. Editing by Mark Potter)

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