Latest news with #Chandrasekaran
Time of India
3 hours ago
- Automotive
- Time of India
Auto supply chain: Tata Motors mulls alternate magnet sources amid China curbs, Chandrasekaran says firm has sufficient inventory
Tata Motors is exploring alternate sources for rare earth magnets and working closely with the government after China restricted exports of critical materials, Chairman N Chandrasekaran said on Friday. He was addressing shareholders at the company's annual general meeting. Responding to concerns over the impact of China's curbs on rare earth element exports, Chandrasekaran said the company is not currently facing any disruption. 'As of now, this is not a concern, but this is something that we are watching very carefully,' he told shareholders. 'We are able to source the magnets that we need, and also we have plans for having the right level of inventory. We are working with the government. Also, we are working on sourcing from alternate sources,' he added, as quoted PTI. China's export restrictions have affected sectors including automobiles and white goods, with the domestic auto industry seeking fast-tracked approvals for magnet imports. On the impact of the Iran-Israel war, Chandrasekaran said it is difficult to predict outcomes in such situations but affirmed the group's resilience. 'They will be able to tide over any of these geopolitical issues in the short term but are completely ready and poised for excellent growth and leverage the opportunity that this industry has to offer,' he said of Tata Motors' commercial vehicle, passenger vehicle, and JLR divisions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo In his opening remarks, Chandrasekaran noted that volatility from geopolitical conflicts, supply chain shifts, tariffs, and AI and energy transitions will continue to define economic cycles. 'Given the enormous amount of work we have done over the past few years... our businesses are structured to not just handle this environment, but to thrive,' he asserted. Responding to a shareholder query on expanding the passenger vehicle business overseas, Chandrasekaran said Tata Motors is monitoring global developments. 'This is something that we are always in discussions but we are waiting for the right geopolitical environment to be able to launch but we are getting prepared,' he said. On the long-anticipated demerger of Tata Motors' commercial and passenger vehicle businesses into separate listed entities, Chandrasekaran said the process should conclude in the December quarter. 'First, the PV company will list and then the CV company will list a couple of months later,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 hours ago
- Automotive
- Time of India
Tata Motors to accelerate EV push; JLR tariff impact mitigated
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Tata Motors chairman N. Chandrasekaran on Friday told shareholders that the company is accelerating its electric vehicle (EV) strategy, even as it closely monitors supply chain and geopolitical risks that could affect at the company's 80th annual general meeting, Chandrasekaran said, 'We expect to reach 30% EV penetration well before 2030. We already have a strong portfolio—with Nexon EV , Punch EV, Tiago and Tigor—and we have several more models in the pipeline.' EVs accounted for 15% of Tata Motors' passenger vehicle sales in the last fiscal the auto maker continues to lead India's EV market with a more than 50% share, it has fallen more than more than 85% two years ago, as rivals such as Mahindra & Mahindra, Hyundai Motor India , and MG Motor India step up their offerings.'Yes, competition has increased, but we remain fully committed and have a strong runway,' Chandrasekaran said, without also addressed concerns around sourcing rare earth magnets used in EVs amid prevailing trade tensions globally. 'We are not facing any issues. We are able to source the magnets we need and have the right level of inventory,' he said. 'We're also working with the government on alternative resources. This is something we are watching very carefully.'On the proposed increase in US tariffs on UK-manufactured cars, which would impact unit Jaguar Land Rover , Chandrasekaran said, 'If the tariffs had gone to 27.5%, the impact would have been £1.6 billion. With the UK-US trade deal , that's coming down to 10%, and JLR's mitigation steps will reduce the impact to around £600 million.'He confirmed Tata Motors' participation in the government's EV bus programmes through its dedicated mobility business, and said the automaker is also testing 12 hydrogen buses and trucks. However, he cautioned, 'The cost of production and operations for hydrogen is still very high. This won't scale in the near term.'Chandrasekaran reaffirmed that the demerger of Tata Motors' passenger vehicle and commercial vehicle businesses remains on track, with both units expected to list separately in the December quarter. 'All three businesses have strong balance sheets and cash flows. There is no need for large-scale debt unless a strategic opportunity arises,' he said.
The Print
4 hours ago
- Automotive
- The Print
At Tata Motors' board meet, Chandrasekaran pays homage to Air India plane crash victims
New Delhi, Jun 20 (PTI) Tata Motors Chairman N Chandrasekaran on Friday led the management and the company's shareholders in paying homage to the victims of the Air India plane crash by observing a one-minute silence at the company's 80th annual general meeting (AGM) here. Chandrasekaran, who is also chairman of Tata Sons, stated that the Tata Group will miss out its former chairman Ratan Tata, who died last year.
The Print
4 hours ago
- Business
- The Print
At Tata Motors' AGM, Chandrasekaran pays homage to Air India plane crash victims
This was the first AGM of a Tata Group company that Chandrasekaran has attended since the June 12 plane crash. Chandrasekaran, who is also chairman of Tata Sons, stated that the Tata Group will miss out its former chairman Ratan Tata, who died last year. New Delhi, Jun 20 (PTI) Tata Motors Chairman N Chandrasekaran on Friday led the management and the company's shareholders in paying homage to the victims of the Air India plane crash by observing a one-minute silence at the company's 80th annual general meeting (AGM) here. He had not attended the AGMs of two other group companies — TCS and TCPL — which took place earlier this week. Chandrasekaran said: 'Going forward, volatility will continue to mark economic cycles — from widespread geopolitical conflicts, military escalations, the redrawing of supply chains and tariff regimes, to AI and energy transition. Nowhere are all these disruptions visible more than in the automotive sector.' '…Now I would like to share a few thoughts. There is a lot to talk about today. First thought I would like us to begin with a moment of silence to honour those who lost their lives, along with all the families and loved ones affected by Air India flight (AI)171 tragedy,' he said in his address to the shareholders. The London-bound Air India flight AI-171 carrying 242 passengers and crew members crashed in Ahmedabad on June 12. All but one on board the plane died along with 29 on the ground when the aircraft smashed into a medical complex in the Meghaninagar area of the city shortly after its take-off. After observing one-minute silence, Chandrasekaran resumed his address and said, 'My thoughts are with them, and I know yours are too. 'This has been a long and unsettling week for all of us as a nation, as a Group, and at a very human level, navigating an enormous gulf of sorrow, grief and uncertainty all at the same time.' The last few months have been full of loss, he said, adding, 'Late last year, we bid farewell to Mr Ratan Tata, under whose hand the Group expanded while staying true to its values.' 'He was a friend and someone whose guidance I sought, whose humanity I admired and whose focus on the importance of details I will always carry with me. He will be dearly missed,' the Tata Group Chairman said. Stating that the company's demerging process was underway, he said (post merger) we will be operating as two independent listed companies — one with commercial vehicles and one with passenger vehicles and JLR — by the end of this calendar year. 'Over the past few years, we have significantly strengthened, streamlined and simplified this business. Each business — commercial vehicles, passenger vehicles and JLR — are healthy, financially fit and have their own strategy, led by independent management teams,' Chandrasekaran said. Taking the three businesses (CV, PV and JLR) together, Tata Motors delivered a strong performance to surpass several earlier milestones, despite a complex macro environment in FY25, he said. On a consolidated basis, the company delivered a record high revenue of Rs 4,39,695 crore, EBITDA of Rs 57,649 crore, and record high PBT (before exceptional items) of Rs 34,330 crore leading to the Tata Motors Group becoming debt free this year, Chandrasekaran said. 'I had the opportunity to update Mr. Tata about Tata Motors and the PV business turnaround and growth. He was most pleased as Tata Motors was closest to his heart,' he said. The Board has recommended a final dividend of Rs 6 per ordinary share for FY25 subject to the shareholders' approval at the AGM, he said. 'Given the enormous amount of work we have done over the past few years — from simplifying the businesses to making big strategic bets to strengthening our financial position — our businesses are structured to not just handle this environment, but to thrive,' Chandrasekatran said. PTI IAS RKL HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Economic Times
4 hours ago
- Automotive
- Economic Times
Tata Motors working with govt, looking alternate sources for magnets: Chandrasekaran
Mumbai: Tata Motors is working with the government and is also taking steps to procure magnets from alternate sources in the wake of China restricting exports of rare earth elements, company Chairman N Chandrasekaran told its shareholders on Friday. Responding to queries from shareholders on the impact of China's move to restrict exports of rare earth elements and shortage of magnets, he said, "As of now, this is not a concern, but this is something that we are watching very carefully." "As of now, we are okay. We are not facing are able to source the magnets that we need, and also we have plans for having the right level of inventory. We are working with the government. Also, we are working on sourcing from alternate sources," Chandrasekaran noted. China's restrictions on the export of rare earth elements and related magnets are affecting the domestic auto and white goods sectors. The automobile industry had sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars. To another query on the impact of the ongoing Iran-Israel war on the company's business, he said, "It is very difficult to answer what will be a war kind of situation look like." However, he said Tata Motors group's three firms -- commercial vehicle, passenger vehicles and JLR -- have a very strong platform. "They will be able to tide over any of these geopolitical issues in the short term but are completely ready and poised for excellent growth and leverage the opportunity that this industry has to offer," Chandrsekaran asserted. Earlier in opening address, he said that going forward, volatility will continue to mark economic cycles -- from widespread geopolitical conflicts, military escalations, the redrawing of supply chains and tariff regimes, to AI and energy transition. Nowhere are all these disruptions visible more than in the automotive sector. "Given the enormous amount of work we have done over the past few years -- from simplifying the businesses to making big strategic bets to strengthening our financial position -- our businesses are structured to not just handle this environment, but to thrive," he asserted. Responding to a query on passenger vehicle business expansion in international markets, he said, "This is something that we are always in discussions but we are waiting for the right geopolitical environment to be able to launch but we are getting prepared." To another query on the completion of demerger of Tata Motors' commercial and passenger vehicle verticals into separate entities, Chandrasekaran said, "We think the demerger will happen in the last quarter of this year. "First, the PV company will list and then the CV company will list a couple of months later. It will happen, in our estimate, sometime around October-November-December quarter."
