While speaking to the shareholder for the last time at the annual general meeting of the company on Friday, Tata Motors Chairman Ratan Tata expressed his disappointment over losing their spot to Mahindra &Mahindra in the highly competitive passenger car market. Mr. Tata has also shown admiration for the M&M’s feat.
It is to be mentioned here that Mahindra & Mahindra has surpassed the Tata Motors in sales in the passenger vehicle market for the first time in their history, in the first quarter of this financial year. Mahindra & Mahindra managed to sell a total of 61,504 units of their passenger vehicles in the Indian market as compared to Tata Motors’ sales of 60,405 units.
Speaking on the occasion, "(I have) a great respect for what Mahindra & Mahindra has been able to do. I have certain degree of sadness and shame that we have let that happen. I think we have a great deal of introspection to do as to why, Mahindra should be ahead of us, then us catching up." He added, "I hope the employees will rise to the occasion in spirit to meet the needs of the changing times."
