Car company Tata Motors reported a loss of Rs.2,505 crore in FY 2008-09, its first annual loss in 8 years. The chief reason for the loss was the company’s ill-timed acquisition of British car brands Jaguar and Land Rover (JLR), which together reported a loss of Rs.1,777 crore. Before this, Tata Motors had posted a loss in 2000-01, when demand for the company’s commercial vehicles and its small car, the Tata Indica, had plummeted. JLR has already seen more that 2000 job cuts and several plant shut-downs, and even more may be required to keep the brands running. Tata Motors Vice Chairman Mr. Ravi Kant said that while passenger car sales have been improving since January 2009, commercial vehicle sales continue to be low, and that it would be premature to call this a recovery. The company plans substantial cost cutting at JLR to reach the break-even point.