Indian carmaker Tata Motors (owner of Jaguar LandRover) reported a 39% drop in November car sales to just 40, 863 units in a nation of billions. It is Tata’s worst monthly sales figure since 2010.
The company had originally forecast monthly sales, including exports, of 66,500 for November. Last year they sold 62,354 vehicles in November, and in 2011 they sold 72,475 domestically in that month. In 2012, Tata sold 548,168 cars and trucks worldwide, with most of them sold in India. At the moment, Tata shares are up 12% year-to-date, under-performing U.S. automakers General Motors and Ford.
The company’s net profit margin for the year is still forecast to be around 4.75%, better than GM’s 3.35% recorded in the third quarter and Ford’s 3.54% in the same period. This is mainly because Volvo has gained additional traction in the recent months, with especially good sales in China.