Jaguar Land Rover has posted a £3.4 billion ($6.2 billion) loss for the fourth quarter of 2018, on the back of low demand for diesel engines and sluggish sales in China.
Tata Motors' loss came at 269.93 billion rupees ($3.78 billion) for the three months ended December 31, compared with a profit of 11.99 billion rupees in the year-ago period.
However, it also recorded a £3.1 billion impairment charge as it wrote down the value of its plants and other assets, citing muted demand and technological and regulatory headwinds.
JLR, which is owned by Indian giant Tata Motors Limited (NYSE:TTM), sold 144,602 vehicles in the period - down from 154,447 a year ago - and blamed "continued challenging market condition in China" for the drop-off.
The Mumbai-based manufacturer has been badly hit by falling demand for luxury cars in China, as well as uncertainty over Brexit and rising debt.
Daimler and BMW reduced profit forecasts previous year amid pressures from the United States-China trade war that has hit vehicle demand, while Hyundai Motor said last month it was letting workers go as it reviews production plans in the world's biggest market.
JLR, which accounts for the majority of Tata Motors' earnings before interest, tax, depreciation and amortization (EBITDA) generation, has a significant production bias to the United Kingdom despite a reasonable degree of geographic diversification in its sales mix.
The step raises questions on whether it could affect Tata Motors' credit rating that has already been revised downward in the recent past.
JLR, Britain's biggest carmaker, also faces disruption due to persistent uncertainty over a Brexit deal and has made a decision to halt production for a couple of weeks in April. "For JaguarLand Rover, it will be catastrophic if Britain goes for a no-deal Brexit".
Net revenue for Tata Motors came in at 770 billion rupees, missing the 787.5 billion rupees average estimate.
Shares in India's Tata Motors tanked nearly 30 per cent today after problems at its Jaguar Land Rover unit dragged the luxury carmaker to India's biggest quarterly loss.
The company said that JLR announced its plans in January to achieve 2.5 billion pounds of investment, working capital and profit improvements by March 2020.
However, on the standalone basis, the company reported healthy quarterly numbers.
The non-cash write-off is expected to result in annual savings of £300 million in depreciation and amortization costs for JLR, Balaji said adding "it is a right step taken in terms of reducing our cost, improving our break-even and ensuring our competitiveness".
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