Tata Motors Limited (TTM) stock sinking in Monday’s pre-market session. As of this writing, it has lost 10.55% in the pre-market on Monday. TTM’s stock gained 1.43% to close Friday’s session at $21.24.TTM shares have gained 360.74% over the last 12 months, and they have moved up by 1.00% in the past week. Over the past three months, the stock has gained 57.92%, while over the past six months, it has added 118.29%.
Let’s try to figure out the reason behind its current sinking on Monday
SiriusXM Installation Across Entire US Vehicle Line-Up
On April 8, 2020, Tata Motors Limited and Sirius XM Holdings Inc announced the expansion of the factory installation of SiriusXM’s audio entertainment service which will make SiriusXM a standard feature in every Jaguar and Land Rover model in the United States from the 2021 model year vehicles to 2026.
advanced SiriusXM with 360L platform combining satellite and streaming content will be available in Jaguar & in Land Rover.
slashing the workforce
On February 18, 2021, Jaguar Land Rover said that the luxury Jaguar brand will be entirely electric by 2025 which will force the company to cut 2,000 jobs from its global salaried workforce.
The 2,000 reductions in JLR’s non-factory jobs was reported earlier on Wednesday by Sky News as well.
JLRAll-electric vehicle lineup by 2025
On February 16, 2021, JLR which is owned by Tata Motors announced a new strategy “Reimagine” that will move its vehicles away from fossil fuels into all-electric configurations. The company is looking to launch an all-electricJaguar luxury brand by 2025.
JLR is looking to spend $3.5 billion annually to convert its product line into EVs. The company is building new electric platforms at its facility in Solihull, West Midlands.
It’s strange to see the TTM starting the new week with negativity and there is no recent development to justify its downtrend. Tata Motors is one of the biggest companies and has gained 360%in the last 1 year so we can assume that its stock price will remain stable and current negativity will be for a short period.