No, Tata Motors Is Not Selling Their Passenger Car Business In India (Official Statement)
Tata Motors has slammed all the rumours citing the company selling 49% stake in its domestic passenger vehicle segment. The company stated the reports unconfirmed as well as unsubstantiated.
Tata Motors issued a clarification in this regard, addressing such rumours that it was trying to engage with other automakers for strategic purpose.
Read to find out what are Tata Motors’ future plans…
What Were The False Reports Made Against Tata Motors?
The previous reports had claimed the sale of Tata Motors Passenger Vehicle business and talks with European and East Asian car manufacturers for this tie up.
The reports also stated that Tata Motors was in contact with many Chinese manufacturers like Geely, owner of Volvo Cars, and Chery, which has a 50% stake in Jaguar Land Rover’s China wing.
Tata motors in a statement said, “The report that you refer to is factually incorrect, highly speculative and misleading and we are taking it up with them.”
“All such published news about and Tata Motors to sell up to 49% stake in PV Business’ and the names of potential partners/investors mentioned is incorrect and misleading,” the statement read.
The company also said that it doesn’t have any plans like this in future as well.
Tata Motors’ Real Plans!
In March, 2020 Tata Motors was planning to engage in strategic alliances in its passenger vehicle (PV) business in India. The company’s priority is to secure a mutually beneficial alliance, although it’s not an obligation, the company said.
The aim of these alliances is to provide access to products, architectures, powertrains, new-age technologies and capital.
The company said that it is ‘not an imperative for today but an opportunity to be secured for tomorrow’.
Tata Motors also said, “The imperative for today is to Win Sustainably by delivering market beating growth and positive free cash flows by delighting our customers with exciting products and exceptional service while continuing to drive a strong cost savings agenda.”
In other words, Tata motors is not looking to sell the company’s stake but to look for strategic business partners, mainly other car manufacturers.