The company is currently on a cost-reduction drive.

The Racemo sportscar project has been axed. Tata Motors made the announcement during its FY2018 results. “There are projects at this point of time that we think do not have economic value, for example we have stopped the TaMo Racemo,” said PB Balaji, chief financial officer, Tata Motors.

The TaMo sub-brand may not have a future, the investments of Rs 250 crore allotted for the project will be used in the CV business. TaMo was supposed to build and develop highly aspirational cars, and apart from the Racemo sportscar, it was creating an electric hatchback and a coupe-like crossover.

The company is open to proposals for taking over the Racemo project. “At a later point of time, if we find someone who can monetise the project for a better value, we will be more than happy to share it with them,” said Balaji.

The Racemo is TaMo’s first product and was unveiled at the Geneva Motor Show in 2017. It uses a twin-turbocharged version of Tata’s 1.2-litre Revotron engine, that puts out 190hp. The company also showed an electric version of the sportscar, the Racemo+-, at the 2018 Auto Expo.

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