TMPV

May 21 (Reuters) - Stellantis says in slides STLAM.MI during the group's capital markets day:

• PARTNERING WITH TATA MOTORS TO LOOK FOR SYNERGIES ACROSS SUPPLY CHAINS, PRODUCTS AND MANUFACTURING IN EMERGING MARKETS

• TARGETS 10% REVENUE GROWTH IN SOUTH AMERICA, 40% IN MIDDLE EAST AND AFRICA, 100% GROWTH IN ASIA PACIFIC BY 2030

• TARGETS REDUCING PRODUCT DEVELOPMENT TIME TO 24 MONTHS FROM 40 MONTHS BY 2030

Further company coverage: STLAM.MI

(Reporting by Milan newsroom)

May 20 (Reuters) - Stellantis STLAM.MI and Britain's Jaguar Land Rover will consider jointly developing vehicles in the U.S., the French-Italian automaker said on Wednesday.

The two companies signed a preliminary agreement to explore collaboration opportunities in product and technology development.

They did not disclose any further details.

The potential collaboration would be the latest in a string of partnerships between global automakers as they look to cut production and R&D expenses and fill underutilized capacity.

Earlier in the day, Stellantis said it was planning a joint venture in Europe with China's Dongfeng 600006.SS that would explore production of electric vehicles.

For JLR, owned by India's Tata Motors Passenger Vehicles TAMO.NS, the U.S. collaboration with Stellantis as its financials have taken a large hit from U.S. President Donald Trump's tariffs.

The U.S. is a key growth market for JLR, where its Defender and Range Rover luxury SUVs are popular. However, it has no manufacturing presence in the country.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sahal Muhammed)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

May 18 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

- British finance minister Rachel Reeves plans to announce next week that she will scrap a planned rise in tax on motor fuel that is due to take place in September.

- EY UK has paid more than 100 million pounds ($133.16 million) to the administrators of NMC Health Plc NMMCF.PK to settle claims it was negligent in its audits of the failed firm.

The Guardian

- Jaguar Land Rover and General Motors GM.N are considering an expansion into UK defence via a 900 million pound military contract, as the automobile companies are among a group of firms vying to make thousands of trucks for the armed forces to replace an ageing fleet of Land Rovers that have been out of production since 2016.

- An Ebola outbreak in the Democratic Republic of Congo and Uganda has been declared a public health emergency of international concern by the World Health Organisation, after 80 suspected deaths.

The Telegraph

- Investors in Britain's largest water supplier, Thames Water have told the government that a temporary nationalisation of the embattled company would slow its turnaround.

Sky News

- Britain's government will set out more detailed proposals next week to relax bank regulations that had been designed to stop a repeat of the 2008 financial crisis.

- Blastr, the preferred bidder for Liberty Steel, met the Official Receiver late last week to discuss the possibility of taxpayers underwriting risks associated with the purchase of Speciality Steel UK.

The Independent

- Greater Manchester Mayor Andy Burnham is expected to tone down his call to reverse Brexit as he faces a crunch by-election that could see him return to parliament.

($1 = 0.7510 pounds)

(Compiled by Bengaluru newsroom)

((globalnewsmonitoring@thomsonreuters.com))

Updates to add state charity commissioner's order

By Jayshree P Upadhyay and Gopika Gopakumar

MUMBAI, May 16 (Reuters) - India's Tata Sons, the umbrella organisation for 31 companies including TCS TCS.NS, Tata Motors TAMO.NS and Tata Steel TISC.NS, is facing pressure to go public, even as the charitable trusts controlling two-thirds of the conglomerate grapple with internal differences.

Until now, Tata Sons has remained unlisted. But pressure to list is mounting from internal stakeholders, including its second largest shareholder, the Shapoorji Pallonji (SP) Group. Rules from the Reserve Bank of India may also require it to list unless an exemption is secured.

WHAT IS THE STRUCTURE OF THE TATA GROUP?

The 108-year-old salt-to-steel conglomerate is uniquely structured, where a combine of philanthropic organisations broadly known as the Tata Trusts holds 66% in Tata Sons. Debt-ridden construction and infrastructure conglomerate SP Group holds 18.4% of the company.

The Tata Trusts comprise 13 entities, seven of which directly hold shares in Tata Sons. The board of Tata Trusts consists of six trustees drawn from these entities.

Noel Tata, scion of the founding family, is the current chairman of Tata Trusts and is a director on the Tata Sons board.

WHO WANTS TATA SONS TO LIST?

Pressure for listing is coming from multiple quarters.

At least two of the six Tata trustees - Venu Srinivasan and Vijay Singh - have supported the listing of Tata Sons in media interviews, saying expansion, especially into new areas like semiconductors, will require large capital that cannot be generated internally.

The SP Group wants a listing so it can monetise or exit its holding, which is not freely transferable in the current structure. But the SP group is not represented among the trustees.

The key pressure is regulatory, stemming from RBI rules requiring large non-bank lenders above certain asset thresholds or with public funds to list.

WHAT ARE THE RBI RULES AND WHY DO THEY APPLY TO TATA SONS?

As the holding company of a number of businesses, Tata Sons is classified as a core investment company, which falls under the RBI's regulations.

Revised rules issued last month state that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.

As of March 2025, Tata Sons' standalone assets stood at 1.75 trillion rupees.

The RBI retains discretion to determine which firms can be exempt from listing.

HAS RBI CLARIFIED ITS STANCE?

While analysts and legal experts say the revised rules make it harder for Tata Sons to remain private, the RBI has not publicly stated its position.

A request by Tata Sons for exemption is still under review. The company has reduced borrowings in an effort to avoid listing, but it remains unclear if that will suffice.

WHO IS OPPOSING THE LISTING?

Noel Tata has not made public comments, but has privately opposed converting Tata Sons into a listed entity. Media reports say he and other trustees unanimously opposed listing last year and asked the Tata Sons' chairman to engage with the RBI.

THE ISSUES AT TATA TRUSTS

India's Maharashtra state charity commissioner has ordered Tata Trusts to defer its board meeting after complaints triggered an inquiry into the trusts' governance. One of the complainants was Venu Srinivasan, a senior trustee at Tata Trusts.

On May 16, the boards of two key trusts — Sir Dorabji Tata Trust and Sir Ratan Tata Trust — which together hold over 50% of Tata Sons, were due to meet.

A central agenda item was to be the discussion of the RBI rules and their implications for a potential listing.

Additional items included increasing the Tata Trusts’ representation on the Tata Sons board, the reappointment of its chairman, and a review of Tata Sons’ performance.

The board meeting, the first since the RBI's rules were revised, was being keenly watched by the street for differences within the trustees on the listing of Tata Sons and how it may play out.

Under the Trusts' governance norms, resolutions are passed if a majority of trustees vote in favour. Therefore, if a majority of trustees support the proposal to list Tata Sons, the company would have to initiate the listing process.

(Reporting by Jayshree P Upadhyay and Gopika Gopakumar in Mumbai; Editing by Ira Dugal, Raju Gopalakrishnan and Muralikumar Anantharaman)

((Jayshree.Pyasi@thomsonreuters.com; 9920092491; Reuters Messaging: Twitter: @jaysh88))

By Jayshree P Upadhyay and Gopika Gopakumar

MUMBAI, May 15 (Reuters) - Tata Sons, the holding company of 31 group companies including TCS TCS.NS, Tata Motors TAMO.NS and Tata Steel TISC.NS, is facing pressure to go public - a discussion likely to come up at a board meeting on Saturday of two trusts that are major shareholders.

Until now, Tata Sons has remained unlisted. But there is now pressure to list from internal stakeholders, including its second largest shareholder, the Shapoorji Paloonji (SP) Group. Rules from the Reserve Bank of India may also require them to list unless they can secure an exemption.

WHAT IS THE STRUCTURE OF THE TATA GROUP?

The 108-year old salt-to-steel conglomerate is uniquely structured, where a combine of philanthropic organisations broadly known as the Tata Trusts hold 66% in Tata Sons. Debt ridden-construction and infrastructure conglomerate SP Group holds 18.4% of the company.

The Tata Trusts comprise 13 entities, seven of which directly hold shares in Tata Sons. The board of Tata Trusts consists of six trustees drawn from these entities.

Noel Tata, scion of the founding family, is the current chairman of Tata Trusts and is a director on the Tata Sons board.

WHO WANTS TATA SONS TO LIST?

Pressure for listing is coming from multiple quarters.

At least two of the six Tata trustees - Venu Srinivasan and Vijay Singh - have supported the listing of Tata Sons in media interviews, saying expansion, especially into new areas like semiconductors, will require large capital that cannot be generated internally.

The SP Group wants a listing so it can monetise or exit its holding, which is not freely transferable in the current structure. But the SP group is not represented among the trustees.

The key pressure is regulatory, stemming from RBI rules requiring large non-bank lenders above certain asset thresholds or with public funds to list.

WHAT ARE THE RBI RULES AND WHY DO THEY APPLY TO TATA SONS?

As the holding company of a number of businesses, Tata Sons is classified as a core investment company, which falls under the RBI's regulations.

Revised rules issued last month state that companies with assets exceeding 1 trillion rupees ($10.45 billion), or those with direct or indirect access to public funds, must list.

As of March 2025, Tata Sons' standalone assets stood at 1.75 trillion rupees.

The RBI retains discretion to determine which firms can be exempt from listing.

HAS RBI CLARIFIED ITS STANCE

While analysts and legal experts say the revised rules make it harder for Tata Sons to remain private, the RBI has not publicly stated its position.

A request by Tata Sons for exemption is still under review. The company has reduced borrowings in an effort to avoid listing, but it remains unclear if that will suffice.

WHO IS OPPOSING THE LISTING?

Noel Tata has not made public comments, but has privately opposed converting Tata Sons into a listed entity. Media reports say he and other trustees unanimously opposed listing last year and asked the Tata Sons' chairman to engage with the RBI.

WHAT WILL HAPPEN AT THE SATURDAY BOARD MEET?

On Saturday, the boards of two key trusts — Sir Dorabji Tata Trust and Sir Ratan Tata Trust — which together hold over 50% of Tata Sons, will meet.

A central agenda item is discussion of the RBI rules and their implications for a potential listing.

Additional items include increasing the Tata Trusts’ representation on the Tata Sons board, the reappointment of its chairman, and a review of Tata Sons’ performance.

The board meeting, first since the RBI's rules were revised, is being keenly watched by the street for differences within the trustees on the listing of Tata Sons and how it may play out.

Under the Trusts' governance norms, resolutions are passed if a majority of trustees vote in favour. Therefore, if a majority of trustees support the proposal to list Tata Sons, the company would have to initiate the listing process.

($1 = 95.7150 Indian rupees)

(Reporting by Jayshree P Upadhyay and Gopika Gopakumar in Mumbai, editing by Ira Dugal and Raju Gopalakrishnan)

((Jayshree.Pyasi@thomsonreuters.com; 9920092491; Reuters Messaging: Twitter: @jaysh88))

Writes through with comments from CEOs

By Aditi Shah and Chandini Monnappa

May 14 (Reuters) - Jaguar Land Rover parent Tata Motors Passenger Vehicles TAMO.NS warned that rising commodity costs, exacerbated by the Iran war, will pressure margins across its lines, prompting cost cutting and a focus on more profitable high-end vehicles.

The conflict has disrupted global trade routes and energy markets, driving up prices of key inputs such as metals, petrochemicals and freight, and has pressed some companies to pass higher costs onto customers as price increases.

"This is very tough situation for us," Managing Director and CEO Shailesh Chandra told reporters after the company reported a drop in quarterly profit on Thursday.

The company has already raised prices once, with a hike effective April 1. Chandra said it would consider further increases if cost pressures persist.

Commodity prices had risen by about 5% over the past 9 to 12 months and were expected to remain volatile, he said.

He expected India's car sales to grow by 10% in the current fiscal year, and for Tata to outperform the industry, even as sharp increases in petrol and diesel prices threatened to weigh on the entry-level segment.

Last month, rival Maruti Suzuki India MRTI.NS also warned of a potential impact on demand for price-sensitive entry-level cars if petrol prices rise. India has so far not increased fuel prices.

JLR, which contributes about 80% of Tata's revenue, is also working on reducing costs and launching more premium cars to protect its margins from the war's impact.

"Oil is already at $100 plus and therefore the costs have started seeping through. Commodities inflation is likely to be sticky," JLR CEO PB Balaji told reporters on a separate post-earnings call.

"We have a task at our end to ensure that we make the business more resilient."

The Range Rover manufacturer said JLR was targeting $2.3 billion in cost savings over the next two years as it navigated a year with challenges ranging from uncertainty around global trade policy to a cyberattack that halted production, and most recently, a fire at one of its suppliers.

It plans to maintain its 18-billion-pound investment outlay over the five-year period from fiscal 2024.

Tata Motors Passenger Vehicles posted a profit drop of 31.7% to 57.83 billion rupees ($603.9 million) for the quarter ended March 31.

JLR's earnings before interest and taxes margin, a closely watched indicator of operational profitability, slid 780 basis points to 0.7% during fiscal 2026.

($1 = 95.7625 Indian rupees)

($1 = 0.7400 pounds)

(Reporting by Aditi Shah, Kashish Tandon and Chandini Monnappa; Editing by Mrigank Dhaniwala, Nivedita Bhattacharjee and Andrew Heavens)

((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

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

By Shritama Bose

MUMBAI, May 8 (Reuters Breakingviews) - India Inc's global M&A push is coming at an inopportune time for its government. Sun Pharmaceutical Industries SUN.NS last week agreed to buy U.S.-based Organon OGN.N for $11.8 billion, months after Tata Motors' TATM.NS $4.4 billion deal to acquire Iveco's IVG.MI trucks unit. A quest for new markets and technology promises more outbound approaches. That may eventually hand New Delhi reasons to feel displeased.

Cross-border acquisitions by Indian groups are on the rise. In 2025, large-ticket transactions like Tata Motors' Iveco purchase and IT firm Coforge's COFO.NS $2.4 billion acquisition of U.S.-based Encora contributed to a $26 billion splurge on overseas assets, the most active year by volume since 2010, per Dialogic.

It's sensible for Indian companies sitting on a large cash balance to deploy it in markets where valuation multiples are lower, rather than to acquire richly valued local peers. Sun Pharma trades at 33 times forward earnings and is paying just 4 times that metric for similarly sized Organon; smaller Indian rivals like Torrent Pharma TORP.NS and Divi's Laboratories DIVI.NS trade at much higher multiples.

Access to richer markets in Asia, Europe and the U.S. is also a big draw, as is technological know-how. Tata Motors' TAMO.NS 2008 buyout of Jaguar Land Rover helped build its local range of electric cars. The incentive to buy tech firms is especially high as India's own investment in R&D, at 0.7% of GDP, lags the global average of 2%.

Interest in external assets will intensify as advances in artificial intelligence force groups from outsourcers to drugmakers to level up. Manufacturers investing in areas like defence, vehicle components and consumer electronics will look to bridge India's capability gap with the rest of the world.

New Delhi has so far been sanguine about the trend, seeing it as a sign of India Inc's growing clout on the global stage. That could change as outbound fund flows add to rising pressures on external balances. With a surging energy import bill and fund outflows, India could be staring at a third straight financial year of a negative balance of payments in the 12 months to the end of March 2027.

Part of the cash being splurged overseas stems from a 2019 decision to sharply cut the corporate tax rate; officials hoped that would encourage firms to invest more locally to stimulate growth and employment. While private spending is showing signs of life, its contribution to GDP is below historical levels.

In time, New Delhi may find those dimensions of India Inc's overseas shopping spree unpalatable and act against them. Until then, there's little reason for companies to stop gazing outwards.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Sun Pharmaceutical Industries on April 27 said it will buy ​U.S. drugmaker Organon in an all-cash deal valuing the target at about $11.75 billion including debt, making it ‌the largest overseas acquisition by an Indian pharmaceutical company.

Indian IT services provider Coforge said on December 26 it would acquire artificial intelligence firm Encora at an enterprise value of $2.35 billion to boost its in-house artificial intelligence capabilities and expand its presence in the U.S. and Latin America.

(Editing by Antony Currie; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

May 7 (Reuters) - Italian truckmaker Iveco IVG.MI, set to be acquired by India's Tata Motors TATM.NS, said on Thursday its adjusted net result swung to a loss of 74 million euros ($87 million) in the first quarter, from a profit of 60 million euros a year ago.

Iveco also said that Tata Motors' tender offer was expected to close by the third quarter of 2026, and not in the second quarter as previously estimated.

• The negative results follow the sale of Iveco's defence unit to Italy's Leonardo DRS.O, which was finalised in March

• Q1 adjusted operating loss from industrial activities was 90 million euros, compared to a profit of 82 million euros in 2025

• Net revenue from industrial activities amounted to 2.8 billion euros in the quarter

($1 = 0.8510 euros)

(Reporting by Anna Uras in Gdansk, editing by Milla Nissi-Prussak)

((Anna.Uras@thomsonreuters.com))

Rewrites throughout with industry executive's comments, background

By Kashish Tandon

BENGALURU, May 5 (Reuters) - India's auto dealerships are bracing for potential ripple effects from the ongoing Middle East conflict on fuel prices and supply chains, a senior industry official said on Tuesday, after retail vehicle sales hit a record for April.

Disruptions linked to the conflict have been limited so far in the world's third-largest car market, but could start affecting auto part supplies over the coming months if the instability persists, Sai Giridhar, vice president of the Federation of Automobile Dealers Associations, said in an interview.

"There have been some instances of supply getting disrupted, particularly in parts shipments coming from Europe, mainly in the after-market and service side," Giridhar said.

While the impact is not broad‑based, the repercussions could last for a few months even if the conflict were to end, he said.

The comments reflect wider concerns about a prolonged Iran war and the consequent energy shock hitting growth and raising inflation in the world's most populous country. Industry leader Maruti Suzuki MRTI.NS has warned it could raise prices as the war pushes up commodity costs.

India's auto sector has been in a good spot over the last few months, as last September's tax cuts have made cars more affordable, with easier financing conditions and strong demand from towns and rural areas.

However, margins are likely to come under pressure, analysts have said, as rising steel, aluminium and freight costs tied to the war hit the bottomline.

For now, a potential sharp rise in fuel prices remains a key risk for consumer sentiment, Giridhar said.

Indian state refiners have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but prices of gasoline, diesel and cooking gas have not been raised for domestic customers.

Overall retail vehicle sales in April rose 12.9% year-over-year to a record high of 2.6 million units for that month, data released by the auto body showed.

Car sales in rural India jumped 20.4%, nearly three times the urban growth of 7.1%, driven in part by a revival in small-car sales.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Dhanya Skariachan)

((Kashish.Tandon@thomsonreuters.com; 8800437922;))

BENGALURU, May 4 (Reuters) - Indian engineering research and development (ER&D) firm Tata Technologies TATE.NS posted an 8.1% rise in fourth-quarter profit on Monday on broad-based growth across segments.

• Profit rose to 2.04 billion Indian ​rupees ($21.45 million) for the quarter ⁠ended March 31, from 1.89 billion Indian ​rupees a year ago.

• Tata Tech's profit was also helped by a one-time gain of 561.3 million rupees from partial reversal of charges related to India's labour codes

• The company expects double-digit organic growth in fiscal year 2027, chief executive officer Warren Harris said

• The firm provides engineering, product design and manufacturing digitalisation services to automotive, aerospace and industrial machinery clients

• Tata Technologies counts JLR and Tata Motors TATM.NS among its largest clients.

• The Tata group company's revenue rose 22.29% to 15.72 billion rupees, up from 12.86 billion rupees last year.

• Engineering research and development firms, which largely depend on orders from the U.S. and Europe, have been under pressure as global automotive clients cut back investments and R&D spending

• "This marks a clear inflection for the business, with growth broad-based rather than concentrated in any single customer or program," Harris said.

($1 = 95.09 Indian rupees)

(Reporting by Haripriya Suresh in Bengaluru; Editing by Ronojoy Mazumdar)

((haripriya.suresh@thomsonreuters.com))

Corrects paragraph 3 to show the company was established to 1997 (not founded in 1996

WUHU, China, April 28 (Reuters) - Chery, China's largest car exporter, is taking inspiration from two very different automakers - Toyota and Tesla - as it pursues expansion in Europe and beyond, its top executive told Reuters.

Chery 9973.HK is considering adding production capacity in Barcelona, Spain, where it has a joint venture. It is also looking for more opportunities to share production facilities with European car companies, Chairman Yin Tongyue said in an interview on Monday.

Established in 1997 on the banks of the Yangtze River, Chery's first car rolled off the assembly line in 1999. It was originally known as Cheery and billed itself as a cheerful, low-cost brand. Now it sees itself in the mold of Toyota 7203.T, synonymous with quality, and Tesla TSLA.O, which is known for its innovation.

"Our strategy, we call it 'double T,'" Yin said at Chery's global headquarters in the eastern city of Wuhu. "Toyota plus Tesla."

That means producing cars with both the quality to win over customers for the long term and the advanced technology to attract younger buyers, he said.

Chery and competitors BYD 1211.HK and Geely 0175.HK are among the Chinese automakers upending the global industry with cutting-edge electric vehicles at prices traditional automakers cannot match. China's annual auto show, held this year in Beijing and open to the public starting this week, is now the largest such event in the world.

Chery sold 2.8 million cars last year, up nearly 8% from a year earlier, according to industry data. It is building its Ebro brand of cars in Spain with a local JV at a former Nissan 7201.TO plant in Barcelona.

"Right now it's very good," Yin said of the Spanish operation, adding that Chery wanted to "enlarge this capacity in Barcelona" and potentially export cars to other markets.

However, it wasn't sustainable to ship cars from one country to others in large volumes, he said. Instead, Chery wanted to manufacture more in local markets and was actively looking to partner with other automakers in Europe to share production facilities, Yin said, without providing details on which countries it was considering.

"We can share profits, we can share models," he said of potential tie-ups.

GLOBAL SURGE

Chery's global sales have surged in recent years, almost quadrupling from 2020 to 2025. Still, the automaker remains well behind domestic rival BYD, which sold 4.6 million cars in 2025, becoming the world's No. 5 automaker by volume.

Chery launched two new international brands - Omoda and Jaecoo - in 2023. It sold 380,000 of the two brands combined last year and the company told dealers and staff over the weekend in Wuhu that it is targeting combined sales of 1 million vehicles in 2027.

The automaker hosted an "international business summit" in Wuhu over the past few days. Company representatives said some 4,000 people, including international dealers and suppliers, attended.

The Jaecoo 7 SUV has done particularly well in some markets and was Britain's top-selling car in March.

Chery's brands are heavily reliant on sport utility vehicles - 2.3 million out of the 2.8 million vehicles it sold last year worldwide were SUVs - and the company is now working on smaller models to broaden its lineup.

The push to build smaller is also a sign of Chery's global ambitions. Chinese consumers traditionally prefer large cars, unlike Europeans, Yin said.

Like the rest of its domestic rivals, Chery has to contend with a brutal price war at home, where there are more than 100 auto brands. But Yin said he believed a long-overdue shakeout in the industry was imminent.

"In a couple of years, maybe a very few can survive and be healthy," he said. "Right now, it's coming."

(Reporting By Nick Carey, David Dolan and Zhang Yan; Editing by Thomas Derpinghaus)

((nick.carey@thomsonreuters.com; +44 7385 414 954;))

Adds details from the investigation in paragraphs 3 to 6

April 28 (Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) has upgraded its probe into Jaguar Land Rover vehicles to an engineering analysis, the agency said on Tuesday, following reports that the front aluminum steering knuckles could fracture.

The auto safety regulator said the investigation covers 331,559 vehicles, and includes Range Rover and Range Rover Sport models from the 2014 to 2022 model years.

NHTSA had opened a preliminary evaluation into Jaguar Land Rover vehicles last year after receiving reports that described fractures occurring at the joint where the steering knuckle attaches to the upper control arm ball joint.

Fracture of the front suspension knuckle can lead to detachment of the upper suspension arm, resulting in the driver’s inability to control the vehicle, increasing the risk of a crash, NHTSA said.

The regulator will investigate the component design, assess the potential safety risk, and evaluate the recall remedies as part of the probe.

Jaguar Land Rover, which is based in the U.K., is a wholly owned subsidiary of India's Tata Motors TAMO.NS.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Sherry Jacob-Phillips and Harikrishnan Nair)

((Akanksha.Khushi@thomsonreuters.com))

April 27 (Reuters) - Automakers in the world's third-largest car market are set to report robust quarterly earnings, while bracing for the fallout from the Iran war, which threatens to upend supply chains and spike raw material and fuel prices, analysts said.

Top Indian carmakers are expected to post revenue growth of about 11% to 26% in the fourth quarter, according to LSEG-compiled data, with steep tax cuts helping boost total sales to a record high in the fiscal year.

Industry leader Maruti Suzuki MRTI.NS will kickstart sectoral earnings on April 28.

IN THE FAST LANE

Maruti, which makes the popular compact SUV, Brezza, is expected to deliver one of its strongest quarters, supported by a richer export mix, analysts at Morgan Stanley said.

The carmaker is expected to post 25.5% revenue growth, per LSEG-compiled data.

For Thar-maker Mahindra & Mahindra MAHM.NS, a higher mix of electric SUVs and the price hikes taken in January are expected to support margins on a sequential basis, HDFC Securities said.

However, brokerages, including HDFC Securities, expect electric-vehicle-related spending and new model launch expenses to offset recent price increases.

Margins at Tata Motors Passenger Vehicles' TAMO.NS luxury unit Jaguar Land Rover are expected to recover sequentially as production restarted after the cyberattack at its UK plant last year.

The third-biggest carmaker was not included in the LSEG-compiled estimates after its October demerger from its commercial vehicles unit.

The overall industry's wholesale volumes grew 13.2% during the quarter, faster than the 2.4% growth recorded in the same period last year.

Hyundai Motor India HYUN.NS could be the outlier with profitability constrained by an adverse product mix, higher marketing spends and elevated input costs, analysts said.

The company is estimated to post revenue growth of around 11%, according to LSEG-compiled data.

RISK TO MARGINS

The months since India's tax cuts in September saw a revival in showroom footfalls and a volume-led recovery across price-sensitive small cars and sport utility vehicles, while lower discounts helped lift margins.

That cushion could be thinning.

Rising prices of steel and aluminium, as well as freight costs, are beginning to weigh on profitability, analysts said, as automakers remain wary of steep price hikes given competition and regulatory constraints.

Maruti had said it will likely raise prices, following in the footsteps of its global peers Mercedes-Benz MBGn.DE and BMW BMWG.DE.

HDFC Securities expects margins to soften sequentially across the sector.

Analysts at CLSA estimate that carmakers would have to increase prices by about 6% to soften the impact of soaring input costs.

"For upcoming quarters, the key risk is not demand collapse, but whether rising costs begin to outpace the industry's ability to protect margins," analysts at Motilal Oswal said in an earnings preview note.

(Reporting by Kashish Tandon in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)

((Kashish.Tandon@thomsonreuters.com; 8800437922;))

April 23 (Reuters) -

• JAGUAR LAND ROVER NORTH AMERICA, LLC IS RECALLING 170,169 U.S. VEHICLES - NHTSA

• JAGUAR LAND ROVER NORTH AMERICA, LLC IS RECALLING SOME U.S. VEHICLES AS A LOSS OF DRIVE POWER INCREASES THE RISK OF A CRASH.- NHTSA

Source https://tinyurl.com/4x33jspn

((Reuters.Briefs@thomsonreuters.com;))

Adds Tesla executive comments and details throughout

By Dhwani Pandya

MUMBAI, April 22 (Reuters) - U.S. electric vehicle maker Tesla TSLA.O has launched a six-seater version of its best-selling Model Y in India as it tries to attract buyers in the world's third-largest car market where it has struggled to grow sales.

Tesla has sold just 350 Model Ys in India since starting deliveries in September, government data showed, with rivals including BYD 002594.SZ, Mercedes-Benz MBGn.DE and BMW BMWG.DE far outselling the U.S. company over the same period.

Its imported Model Y attracts a steep 100% import tariff, a level that chief Elon Musk has often criticised, meaning Tesla's cars are priced much higher in India than in other markets.

With the Model Y L, Tesla aims to tap a wider customer base as Indian buyers, especially families, increasingly turn to larger, premium vehicles equipped with touchscreen displays and sunroofs. This shift has helped propel demand for three-row SUVs in India, a segment currently dominated by Toyota Motor 7203.T and Suzuki Motor 7269.T.

The Model Y L, which has a longer driving range of 681 kilometers (423 miles), will be priced at about 6.2 million rupees, equivalent to $66,000. That is only slightly above the $64,000 price tag on the Model Y, but still far above a market where most cars are priced below $22,000.

Tesla introduced the Model Y L in China last year at a starting price of 339,000 yuan ($49,700).

Isabel Fan, a senior director at Tesla, told reporters at the vehicle's launch event in Mumbai on Wednesday that the company has mass-market models and it wants to increase accessibility.

"We continue to work on affordability," she said.

Tesla is developing a smaller, cheaper SUV after scrapping a highly anticipated low-cost EV project in 2024 to focus on robotaxis and humanoid robots, Reuters reported this month.

While the carmaker is aiming for full self-driving autonomy for all its models, there is a realisation that ⁠many global markets, including India, won't see meaningful adoption – nor regulatory acceptance – of driverless vehicles for years.

Electric vehicles made up less than 5% of total car sales in India last year, with local players including Tata Motors TAMO.NS and Mahindra MAHM.NS dominating the sector.

Musk has lobbied India's federal government for years to lower import tax on electric cars but Prime Minister Narendra Modi's administration rejected the proposals, instead pushing Tesla to manufacture locally. However, Tesla dropped plans to build cars in India, instead importing Chinese-made models.

Deliveries of the six-seater Model Y L will begin in the current quarter, Tesla's India General Manager Sharad Agarwal said at the event.

(Reporting by Dhwani Pandya in Mumbai and Mrinmay Dey in Mexico City, additional reporting by Aditi Shah in New Delhi; Editing by Sherry Jacob-Phillips, Kirsten Donovan)

((mrinmay.dey@tr.com; +91 7362903319;))

April 14 (Reuters) - India's auto industry body on Tuesday flagged concerns on the possible adverse impact of the Middle East war on automotive production, input and fuel prices, and freight rates.

Here are some key details:

• The West Asia conflict is expected to pose short-term challenges for the auto industry, Shailesh Chandra, president of Society of Indian Automobile Manufacturers (SIAM), said.

• Uncertainties arising from the West Asia conflict, particularly prices of crude oil and commodities, higher exchange rates and disruptions in shipping routes, remain a concern for the auto sector, the industry body said.

• In the near term, the conflict may weigh on export volumes, and the evolving situation reinforces the need for calibrated supply chains and diversification of energy inputs, analysts at Antique Stock Broking said.

• In the entry-level segment in April so far, buyer enquiries are strong, but converting them to sales is taking longer, the SIAM president said.

• Car sales by manufacturers to dealers in the world's third-largest car market rose 7.9% to 4.6 million units in the financial year 2026, industry data showed, compared to the previous fiscal year's 2%, as consumer sentiment improved due to tax cuts.

• In September 2025, India slashed taxes on larger SUVs to 40% as an additional levy was dropped and on small cars and two-wheelers to 18% from 28%, helping support demand across segments.

• Total domestic two-wheeler sales in the financial year 2026 rose 10.7% on-year compared to 9.1% growth last year, the industry data showed.

(Reporting by Aditi Shah and Anuran Sadhu; Editing by Harikrishnan Nair)

((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))

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

By Shritama Bose

MUMBAI, April 8 (Reuters Breakingviews) - It's a tough time to be in the Tata group's cockpit. The $260 billion conglomerate was already buffeted by its own leadership turbulence. Now the CEO of its beleaguered carrier Air India has quit, the carrier confirmed on Tuesday. That complicates Chair N Chandrasekaran's bid to stay in the pilot's seat of the unlisted holding company, Tata Sons.

Campbell Wilson had more than a year left on his five-year contract at the de facto national airline. But financial losses and operational issues, including a deadly crash, have been piling up since the Tatas bought it from the Indian government in 2022. Chandrasekaran, or Chandra as he's widely known, oversaw Air India's purchase, but the acquisition was driven by the emotional attachment to the asset by Ratan Tata, Tata Sons' late chair emeritus, whose family founded the airline prior to its nationalisation.

Wilson's departure also looks badly handled. He had, the airline said on Tuesday, told Chandra in 2024 that he intended to step down this year. That was ample time to find a successor. The board held discussions with prospective candidates, yet he's leaving with no one to take the helm. By contrast, rival Interglobe Aviation INGL.NS, or IndiGo, quickly found a replacement last month for outgoing CEO Pieter Elbers in British Airways veteran Willie Walsh.

It's reminiscent of the inability to resolve lingering leadership issues at the airline's parent. Tata Sons holds stakes in 25 public companies and private units, including the carrier and a semiconductor-making venture. A board meeting in June will decide if Chandra will get a third five-year term at the powerful Indian business. His current stint is due to end in 2027.

A year ago a renewal was all but guaranteed for the 62-year-old executive, who led the group's cash cow outsourcer Tata Consultancy Services TCS.NS for eight years and oversaw a turnaround of group companies, including Tata Motors Passenger Vehicles TAMO.NS. But problems at a number of subsidiaries have brought pushback from Noel Tata, the new head of the charitable trusts that control the holding firm.

To win over opponents, Chandra may have to lay out a fresh plan for turning around underwater businesses like Air India and the struggling e-commerce unit Tata Digital, Moneycontrol reported on Monday, citing sources. He will also be under pressure to chart ways for TCS to regain its edge as artificial intelligence tools disrupt the business model of India's largest outsourcer.

That makes Wilson's departure even more inopportune, lengthening Chandra's emergency to-do list. It looks increasingly like the Tata group is fighting to break out of a succession doom loop.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Air India confirmed on April 7 that CEO Campbell Wilson has resigned. It came hours after Reuters reported the news, citing an unnamed source with direct knowledge of the matter.

Air India said Wilson made known in 2024 his intention to quit this year.

Tata Sons chair N. Chandrasekaran is expected to spell out a clearer path to profitability for businesses such as Air India, Tata Digital and the group’s electronics manufacturing ventures, Indian news website Moneycontrol reported on April 6, citing unnamed officials from the Tata group.

(Editing by Antony Currie and Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

April 6 (Reuters) - India’s auto dealers warned of possible supply disruptions in the near term, from the West Asia conflict, even as Indian retail vehicle sales rose 25.28% in March, closing the financial year on a strong note on sustained momentum from tax cuts that improved affordability, the Federation of Automobile Dealers Associations (FADA) said on Monday.

Passenger vehicle sales rose 21.48% year-over-year in March, while two-wheeler sales rose 28.68% and commercial vehicle sales rose 15.12%, FADA said.

(Reporting by Meenakshi Maidas in Bengaluru)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

April 2 (Reuters) - Britain's Jaguar Land Rover's fourth-quarter sales volume grew 61.1% from the previous three months as production levels normalised after a cyber incident last year, the luxury carmaker said on Thursday.

JLR, owned by India's Tata Motors Passenger Vehicles TAMO.NS, posted sales to dealers of 95,300 units in January-March.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

April 1 (Reuters) - Tata Motors Passenger Vehicles Ltd TAMO.NS:

• TATA MOTORS PASSENGER VEHICLES - MAR'26 TOTAL SALES 66,971 UNITS

• TATA MOTORS PASSENGER VEHICLES - INDUSTRY WILL NEED TO CLOSELY MONITOR GEOPOLITICAL DEVELOPMENTS TO MITIGATE POTENTIAL SUPPLY-SIDE RISKS

• TATA MOTORS PASSENGER VEHICLES - EXPECT TO DELIVER INDUSTRY-BEATING GROWTH IN FY27

Source text: ID:nBSE7ZKxWn

Further company coverage: TAMO.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Nick Carey, Rachel More and Giulio Piovaccari

LONDON/BERLIN/MILAN, March 30 (Reuters) - A laser-engraved hood inspired by Arabian architecture and a matching wood-trim interior are among the luxuries Rolls-Royce featured in a one-off Phantom Arabesque model commissioned by a Dubai customer it showcased in February before the Iran war.

Now the Middle East market, which in volume terms accounts for less than 10% of sales at most luxury carmakers but punches far above its weight in profit, is under threat just as demand is weakening almost everywhere around the globe.

A standard Rolls-Royce Phantom starts at about 430,000 pounds ($572,416), but the addition of bespoke features for wealthy Gulf buyers can push prices far above that - for some models bespoke additions can double or triple the price tag.

Rolls-Royce Motor Cars, owned by Germany's BMW BMWG.DE, revealed the Arabesque just a week after opening its second Dubai showroom, before U.S.-Israeli strikes on Iran followed by Iran's strikes on the Gulf sent shockwaves across the region.

"It's the best market in the world," Bentley CEO Frank-Steffen Walliser said earlier this month of the Middle East.

But many luxury dealerships in the Gulf closed temporarily after war broke out on February 28. Ferrari RACE.MI and Stellantis STLAM.MI unit Maserati paused deliveries this month, although both say showrooms have since reopened.

In an emailed response to questions, Rolls-Royce said it was "closely monitoring" the situation in the Middle East.

"Given the fluidity of the situation, it would be premature to speculate on longer-term impacts," the automaker added.

Meanwhile, F1rst Motors in Dubai, which sells all the top luxury car brands, shut its doors for the first few days after the war started, but has since reopened.

Director Chris Bull said the showroom is best known for its selection of Ferraris and Bugattis and sells vehicles ranging from about $250,000 all the way up to $14 million.

Bull said since F1rst Motors reopened, business is down about 30%, although sales of cars priced at more than $1.4 million have stabilised and its sales outside the United Arab Emirates remain robust.

"Obviously, there are fewer people walking in the front door ... But we're still managing to maintain a good level of business," Bull said, adding some buyers will pay up to 30,000 euros ($34,512) to fly a $7 million car out of the country.

'IT'S VERY HIGH MARGIN'

Brands including Lamborghini, like Bentley a unit of Volkswagen VOWG_p.DE, Italy's Ferrari RACE.MI, Tata Motors' TAMO.NS Jaguar Land Rover and Germany's Porsche P911_p.DE are watching nervously, hoping for a swift end to the conflict.

"It's very high margin," Volkswagen CEO Oliver Blume said of Middle East sales in a media briefing earlier this month, adding of the Iran war: "We will see an impact there for sure".

Most luxury and premium automakers do not break out profit margins by region and some, including Bentley and Rolls-Royce, no longer publish global sales numbers.

But Ferrari reported volumes in the Middle East made up 4.6% of overall sales last year, more than it sold in China and up from 3.5% in 2024. The Italian sports car maker's sales in the region are stable for now, a spokesperson said.

A hallmark of the region is limited-edition runs that allow automakers to charge hefty premiums for special wood trims, mother-of-pearl inlays or even gold leaf finishes.

In 2024, for instance, JLR sold 20 "Sadaf" edition Range Rover Sport SV vehicles for about 330,000 pounds each - around three times the starting price in Britain.

Former Aston Martin AML.L CEO Andy Palmer said that during his tenure the first calls would be to offer wealthy collectors in the Middle East high-margin special editions.

"You almost didn't need to ask," Palmer told Reuters.

Now this bespoke business in the region has all but ground to a halt, industry executives said.

"People in the Middle East have other thoughts than looking for a new Bentley at the moment," Bentley CEO Walliser said.

'IT'S AN UTTER DISASTER'

As their U.S. sales have been hit by uncertainty over tariffs, demand in China and Europe has slumped, leaving high-end automakers with few remaining sources of growth and even contemplating the possibility of cutting production.

Even before the Iran war, Bentley's sales fell 5% last year, although the carmaker's CFO Axel Dewitz told reporters this month the company does not yet see the need to cut production.

"However, if the current crisis endures for a couple of weeks, I think we would need to revisit the situation," he said.

Lamborghini CEO Stephan Winkelmann said this month it has faced many challenges since the COVID-19 pandemic, adding that "there is no new American market out there that we can tap into to boost our sales volumes".

Sales in Russia halted after Moscow's invasion of Ukraine in 2022, the luxury market in China has "collapsed", tariffs have hit Lamborghini's most important market in the United States and now business is at a standstill in the Middle East, he said.

For former Aston Martin CEO Palmer, the situation is like no other he can remember.

"For a manufacturer of premium and luxury cars in particular, it's an utter disaster."

($1 = 0.7512 pounds)

($1 = 0.8693 euros)

(Reporting by Nick Carey;
Editing by Josephine Mason and Alexander Smith)

((nick.carey@thomsonreuters.com; +44 7385 414 954;))

March 27 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

• Pernod Ricard and Jack Daniel’s owner in talks to combine operations

• Jaguar Land Rover to shut UK plant for almost two weeks after supplier fire

• EU to impose fines on online platforms importing unsafe products

• Heathrow warns that third runway costs risk an HS2-style spiral

Overview

• French drinks maker Pernod Ricard PERP.PA is in talks to combine its business with the US owner of Jack Daniel's BFb.N whiskey in a deal that could create a transatlantic premium alcohol group.

• Tata Motors-owned Jaguar Land Rover TAMO.NS will shut down a UK plant for nearly two weeks due to a fire at its supplier in Norway in a fresh blow to the carmaker following last year’s one-month shutdown caused by a cyber attack.

• The European Union has agreed to allow member countries to impose fines on ecommerce platforms that import unsafe products into the bloc, in an effort to stem a flood of cheap Chinese goods from platforms like Temu and Shein.

• Heathrow has warned that the costs of its third runway project risk spiralling like High Speed 2, rail budget unless it puts in place greater safeguards over its spending.

(Compiled by Bengaluru newsroom)

((globalnewsmonitoring@thomsonreuters.com))

By Aditi Shah

NEW DELHI, March 26 (Reuters) - India has asked automakers and parts suppliers to tighten production schedules to conserve fuel amid fears of shortages caused by disrupted oil and gas imports from the Gulf due to the Iran war, a government memo seen by Reuters shows.

The heavy industries ministry has also urged companies to shift factory operations from oil-based fuels to electricity and to use recycled aluminium or alternative materials as shortages and costs rise, according to the March 25 advisory.

For India, one of the world's largest oil and gas importers, the advisory underscores the government's mounting concern over the conflict and its disruption to energy flows, supply chains and availability of raw materials.

India's ministry of heavy industries did not immediately respond to a request for comment.

The government has already prioritised use of gas for households over industries, which get only about 80% of their average needs.

Some parts suppliers to India's leading carmakers like Maruti Suzuki MRTI.NS, Tata Motors TAMO.NS and Mahindra MAHM.NS are already reporting a shortage of gas to power operations at a time when vehicle sales are booming.

The ministry wants the sector to do more.

"Wherever technically feasible, a transition from oil-based fuels to electricity may be considered. Further, production schedules may be optimised to minimise idle and standby fuel consumption," the ministry said in its note.

The government wants companies to use recycled aluminium where possible and explore the use of alternative materials for packaging and other non-critical applications to reduce "demand pressure" amid shortages which are already affecting beer makers.

"I don't know how much we can change in the factory, but the takeaway is that this war is going to go on for a long time and we should be prepared," said an executive at an Indian carmaker.

(Reporting by Aditi Shah, Editing by William Maclean)

((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

March 20 (Reuters) - Tata Motors Passenger Vehicles Ltd TAMO.NS:

• TATA MOTORS - TO INCREASE PRICES OF PASSENGER VEHICLES FROM APRIL 1, 2026

• TATA MOTORS - WEIGHTED AVERAGE PRICE INCREASE OF 0.5% FOR ICE PORTFOLIO FROM APRIL 1, 2026

• TATA MOTORS PASSENGER VEHICLES - REVISION IS BEING UNDERTAKEN TO PARTIALLY OFFSET CONTINUED INCREASE IN INPUT COSTS

Source text: ID:nBSE8hsnJg

Further company coverage: TAMO.NS

((Reuters.Briefs@thomsonreuters.com;))

Repeats earlier story with no changes to the text

By Aditi Shah

NEW DELHI, March 19 (Reuters) - India's automakers and parts suppliers are bracing for production slowdowns and assembly-line disruptions as the Iran conflict chokes gas availability, threatening growth in the world's third-largest car market.

Some parts suppliers to India's leading carmakers like Maruti Suzuki, Tata Motors and Mahindra are already reporting a shortage of gas to power operations, an early sign that supply chain issues are developing, according to two dozen executives at car companies, part makers and dealers.

The disruption comes at a time when India's car demand is soaring to record levels, with sales expected to cross 4.5 million units in the current fiscal year to March 31, leaving little excess inventory with manufacturers and dealers.

"At this point in time it is about survival. First and foremost we need to ensure production continues. The buffer stocks will not last long," said a senior executive with a leading carmaker.

INDIA MOST EXPOSED TO WEST ASIA CONFLICT

India relies heavily on the Middle East for energy supplies, importing 50% of its natural gas needs mostly from Qatar, which has been forced to shut its refinery after a wave of Iranian attacks.

Shipments of oil and gas through the Strait of Hormuz have also tanked after Iranian attacks on vessels.

While India is working to secure gas from the U.S., Norway and Russia, the government has prioritised supplies for homes over factories. In auto sector plants, the fuel is critical to high-heat processes like forging and casting, and in the paint shop.

Suppliers Reuters spoke to in India's western and northern car manufacturing belts said production will be managed until end-March. But the stress in the system is showing, with at least four executives saying Tata and Mahindra are operating some factories below capacity.

Mahindra said in a statement that the company has not lost any production this month versus its "plan to date", while a spokesperson for Tata Motors said operations at its plants are "near normal".

Tata said it is working with suppliers to ensure continuity and optimising production where required.

Small and medium manufacturing units, which form the car industry's backbone, are most vulnerable, as they rely more on gas and are unable to switch to other sources quickly.

Kirloskar Ferrous KRFI.BO, a supplier of iron castings, told an Indian stock exchange this week it has stopped some production at a factory in Western India "until further notice".

Metal producer Hindalco HALC.NS declared force majeure to some of its customers last week, warning them of potential disruptions amid gas shortages.

Both companies count Mahindra as a customer. Mahindra did not offer a direct comment about the two suppliers, but said its teams are working on the supply chain and taking action as needed.

CARMAKERS YET TO OFFICIALLY CUT PRODUCTION SCHEDULES

Automakers are operating in a state of high-alert diplomacy with their suppliers to keep assembly lines moving, and have not officially cut production schedules yet.

"We have received some information about challenges in energy supply for our in-house and our suppliers' production operations," said Rahul Bharti, senior executive officer for corporate affairs at Maruti MRTI.NS, India's biggest carmaker.

"As of now, our operations are running as per plan," he told Reuters.

S&P Global Mobility has already begun slashing its India outlook, now forecasting 6.3% growth in light vehicle production for 2026, down from 7.4% projected before the war.

"Depending on when the conflict ends, we may need to further revise the forecast," said S&P's Gaurav Vangaal.

(Reporting by Aditi Shah; Editing by Jan Harvey)

((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

March 16 (Reuters) - Tata Motors TATM.NS will raise prices of its commercial vehicles by up to 1.5% from April 1, the auto maker said on Monday, citing higher input costs.

This follows a price hike announced by Mercedes-Benz India MBGn.DE last week.

Here are some details:

* The price increase will be up to 1.5% across Tata Motors’ commercial vehicle range

* Hikes will vary depending on the model and variant

* The increase is aimed at partially offsetting rising commodity prices and other input costs

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

((aleefjahan.cs@thomsonreuters.com;))

March 13 (Reuters) -

• RADHAKISHAN SHIVKISHAN DAMANI SOLD 1.6 MILLION SHARES IN TATA MOTORS PASSENGER VEHICLES VIA BLOCK DEAL - BSE DATA

Further company coverage: TAMO.NS

((Reuters.Briefs@thomsonreuters.com;;))

March 9 (Reuters) -

• JAGUAR LAND ROVER: MAY OFFER USD‑DENOMINATED SENIOR NOTES IN UP TO TWO SERIES, WITH A 3‑YEAR AND/OR 5‑YEAR TENOR

Source text: https://media.jaguarlandrover.com/news/2026/03/jaguar-land-rover-automotive-plc-proposed-offering-senior-notes

Further company coverage: TAMO.NS

((Reuters.Briefs@thomsonreuters.com;))

March 5 (Reuters) - India’s retail vehicle sales rose 25.6% in February on strong demand for two-wheelers and passenger vehicles, as the momentum from tax-cut measures persisted, the Federation of Automobile Dealers Associations (FADA) said on Thursday.

(Reporting by Meenakshi Maidas in Bengaluru)

((Meenakshi.Maidas@thomsonreuters.com; +91 8921483410;))

By Nick Carey, Gilles Guillaume and Julia Payne

LONDON/PARIS/BRUSSELS, March 3 (Reuters) - The European Union is treading a fine line with plans to introduce 'Made in EU' rules for the bloc's auto industry, seeking to revive local manufacturing without damaging relations with major trading partners.

The plans, due on Wednesday as part of a drive to boost EU industry more broadly, are complicated by divisions between member states, with France taking a more protectionist line and Germany more worried about potential retaliation.

They also face pushback from automakers that rely on non-EU supplies or, like Ford F.N and Jaguar Land Rover TAMO.NS, have major operations in nearby non-EU countries that are also lobbying Brussels. Britain, Turkey and Morocco are interested in 'Made in Europe' rules - but only if they are not shut out.

The stakes are high.

"If we don't do this, there will be massive relocations," Christophe Perillat, the CEO of French auto supplier Valeo said on Friday. "I've never seen an industry go and come back."

RETALIATION FEARS

Under the latest leaked version of the proposed Industrial Accelerator Act, an electric vehicle would need 70% of the cost of its parts to be manufactured in the bloc, excluding the battery, to qualify for EU subsidies.

The draft also requires minimum EU-based content in the battery pack, although excluding cells acknowledges China's dominance of the global battery cell supply chain.

Europe's auto sector has long been under pressure, a squeeze intensified by the arrival of Chinese rivals rolling out cheaper, tech-heavy EVs.

French small suppliers association Fiev says its members shed half their workforce between 2007 and 2024, and president Jean-Louis Pech warns employment could halve again by the end of the decade without action.

Antoine Doutriaux, CEO of Plastivaloire, which makes plastic interior parts and closed a French plant last year, says not mandating local content "would be very dangerous for European industry". He says Chinese rivals pay 30% less for raw materials and "don't play by the same rules".

But Germany's automakers sell more than a quarter of their vehicles in China, the world's largest auto market, and fear strict local-content rules could trigger a trade war.

"Further measures perceived as protectionist, which may include local content requirements, carry the risk of backlash from other countries," said Karoline Kampermann, head of economic policy, foreign trade, SMEs and taxation at German car lobby group VDA.

China rejects suggestions its automakers benefit from unfair subsidies and has retaliated against other EU measures it considers protectionist, such as EU import tariffs on Chinese-made EVs.

'WALKING ON EGGSHELLS'

Global auto supply chains are so complex, and so integrated, that determining local-content levels in individual models is no easy feat.

French firm A2MAC1, which strips down cars for automakers to assess competitors' products, reviewed two European-made EVs for Reuters – Volkswagen's VOWG_p.DE ID.3 and Renault's RENA.PA Renault 5 – based on cost of parts by country.

It found the ID.3 sourced 86% of its content by value from the EU and just 7% from China, not including raw materials. It easily qualifies as made in the EU.

Renault says up to 80% of suppliers for the Renault 5 are within 300 km (186 miles) of its northern France assembly site. But A2MAC1 found EU-based parts accounted for only 51% of the car's cost, with China supplying 41%. Excluding the battery – the component most dependent on China – lifts EU content to about 76%. On that basis the Renault 5 would meet the threshold.

A further challenge is that, under the Commission's proposal, only parts from EU members plus Iceland, Liechtenstein and Norway - the European Economic Area - would count as local content, though it would consider parts from "trusted partners" and take World Trade Organization agreements into account.

Ford's European supply chain, for example, depends heavily on Britain and Turkey, and European president Jim Baumbick argues that "excluding them would weaken production inside the EU itself".

Turkey is a low-cost manufacturing hub for Toyota 7203.T, Stellantis STLAM.MI, Hyundai 005380.KS and Renault. Cengiz Eroldu, president of Turkish automaker association OSD, says exclusion "poses a great risk to our country's investment environment" and that inclusion "is a strategic necessity".

But including Turkey could open a loophole for Chinese automakers to build plants there, saving on energy and labour while still qualifying for EU subsidies, said Chris Heron, secretary general of lobby group E-Mobility.

"It really is like walking on eggshells," he said.

(Reporting By Nick Carey in London, Gilles Guillaume in Paris and Julia Payne in Brussels. Additional reporting by Christoph Steitz in Frankfurt and Can Sezer in Istanbul. Editing by Mark Potter)

((nick.carey@thomsonreuters.com; +44 7385 414 954;))