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Auto firms cut back on overseas investments

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Mumbai/New Delhi: Automakers in India are reducing investments in loss-making overseas arms to conserve cash and cut costs as the pandemic limits their ability to raise fresh funding.

Instead, leading companies such as Mahindra and Mahindra Ltd (M&M), Tata Motors Ltd, Minda Corp. Ltd and Lumax Auto Technologies Ltd are focusing on the domestic market.For instance, M&M, which was in talks with the South Korean government for a bailout of SsangYong Motors, said on 12 June that it will not make further investments in the subsidiary.

M&M has also decided to shut down its US-based electric scooter unit, GenZe, to control mounting losses. The two units accounted for about 80% of M&M’s overall losses from international operations.

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Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
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United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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