The slowdown in the car market hurts Tata Motors's business particularly hard as it lacks the brand to compete effectively,'' Govindarajan Chellappa, a Mumbai-based analyst at Credit Suisse, wrote in a note dated yesterday. ``Jaguar and Land Rover will also likely face severe demand contraction over the next year due to negative wealth effect.''
The automaker yesterday turned to the public to raise loans for the first time in 13 years as the credit crunch limits its ability to refinance $3 billion of bridge loans taken to buy Jaguar and Land Rover.
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