moneycontrol.com
Tata Motors is mulling what to do with its Spanish bus-manufacturing subsidiary Hispano Carrocera, in the wake of the slowdown that has hit automakers in Europe.
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"The Spanish market is challenging...We are examining various strategic options," Cyrus Mistry, chairman, Tata Motors told shareholders at the company's 68th annual general meeting on Wednesday.
The sluggish demand in Europe on the back of the overall economic slowdown in the region has hurt sales of vehicle makers there, he said, adding a decision on the company will be taken soon.
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Mistry, however, did not provide details on the options the company was taking into consideration.
Tata Motors' domestic operations have also been impacted due to the slowdown, amid rising fuel prices and expensive loans.
The company introduced 8 new upgraded products, earlier this year, but has not launched any totally new product in the passenger car market for the last few years, which has also hurt.
Mistry told shareholders that several measures were being taken to boost sales of its products.
Tata Motors, for instance, is increasing features in its cheapest car Nano in order to change the very perception of a "cheap" car. "Nano is also now being promoted to a younger youth audience and the company is focusing on making it a smart city car," he said.
The utility vehicle portfolio is also being repositioned and the network is being upgraded and expanded, he added.
While the domestic market remains challenging due to the economic slowdown and increased competitive intensity, the US economy is recovering, Mistry said.
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