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Jaguar Land Rover planning to allow owners to earn cryptocurrency

Jaguar Land Rover, Britain's largest auto manufacturer, said on Monday it is testing software that will allow drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data. The company is developing what it calls "smart wallet" technology to be installed in its automobiles. This would reward Jaguar car drivers with IOTA coins for actions such as enabling their vehicles to automatically report useful data, such as traffic congestion or potholes to navigation providers or local authorities. Drivers could also earn rewards if the car participates in a ride-sharing program, Jaguar said. The tokens earned could be used to pay for tolls, parking and charging for electric cars. The overall goal was to "achieve zero emissions, zero accidents, and zero congestion," the company said. Global car companies are exploring blockchain applications, figuring out different ways in which they can leverage the technology to suit their different needs. Blockchain, the system powering cryptocurrencies like bitcoin, is a shared database that is maintained by a network of computers connected to the internet. The British car company is testing the technology at the new Jaguar Land Rover software engineering base in Shannon, Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with "smart wallet" features, the company said. It does not yet have a timetable for when it will be commercially available, said Jaguar, a subsidiary of Tata Motors. The IOTA token is based on a distributed ledger technology that enables people and machines to transfer money and data without any transaction fees. IOTA trades on digital asset exchanges and was last at 27 U.S. cents per token. "The smart wallet technology ... can be easily adapted into all new vehicles," Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters on Friday. "IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy," he added.

2017 Jaguar F-Type SVR is the quickest kitty in Geneva

"Always follow your local speed limits," says a disclaimer at the bottom of Jaguar's press materials for its new F-Type SVR. Granted, every single new car you can buy in America is capable of accelerating well past the highest official speed limit in the United States. This new Jaguar, though, is another matter entirely, boasting as it does a top speed of 200 miles per hour. Not since the famed XJ220 has Jaguar offered such a compelling speedster. Whereas that slinky coupe relied on a 3.5-liter, twin-turbocharged V6 engine and a five-speed manual transmission, the 2017 F-Type SVR benefits from a supercharged, 5.0-liter V8 pushing out 575 horsepower and 516 pound-feet of torque, mated to an eight-speed automatic. Also unlike the supercar of old, the SVR's all-wheel-drive system means it can potentially serve as an all-weather sportscar. My, how times have changed. Looking past its headline-grabbing 200-mph capabilities, the F-Type SVR can accelerate from 0-60 in a scant 3.5 seconds in coupe form. Buyers who prefer the wind in their hair get slightly lower performance peaks, with a 186-mph top speed and a 3.9-second run to 60. Either way, this Jag will make its owner look good, with aggressive hood vents, massive air intakes in the fascia and a carbon-fiber spoiler that automatically raises and lowers from the car's rear haunches. Considering that the F-Type V8 is already one of the best sounding cars for sale in America, we have no doubt that the SVR, with its brand-new inconel titanium exhaust system, will emit a sound second only to God's own chariot. Pricing starts at $126,945 for the coupe or $129,795 for the convertible. If we have one complaint, it's that British Racing Green is not one of the seven available colors. For shame, Jaguar. Make ours Ultra Blue and we'll forgive you, just this once. View 16 Photos Related Video:

Jaguar Land Rover posts profitable quarter amidst big yearly losses

Jaguar has posted its first profit in quite some time, as the financial quarter ending on March 31 brought in a net income of $151.6 million. However, that is the light in the end of the tunnel, as full year results through March showed a $4.58 billion loss (GBP3.6 billion). The losses are again attributable to declining sales in China, with a whiff of the still-lingering Brexit process. While JLR's annual U.S. sales were up 8.1 percent, and U.K. sales improved by 8.4%, overall sales came down 5.8% to 578,915 vehicles. For April, Chinese sales nearly halved as they dropped by 46 percent. Earlier this year, JLR's woes caused its owner Tata Motors to post the biggest ever quarterly loss in Indian corporate history, at nearly $4 billion. JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround. Speth said JLR has already managed to deliver $1.59 billion (GBP1.25 billion) of efficiencies and savings. JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (GBP2.5 billion) of investment, working capital and profit improvements by March 2020, and that it currently has $4.84 billion (GBP3.8 billion) of cash. Speth continued that JLR will "go forward as a transformed company that's leaner and fitter," and that the sustained investment in new products and technologies will drive future demand. There has been earlier speculation of Tata Motors selling JLR to the PSA Group, but as Autocar reports, Tata's financial chief again refuted these rumors. JLR also announced today that its CFO of 11 years, Ken Gregor is stepping down after 22 years with the company, and that he will be succeeded by JLR's Chief Transformation Officer, Adrian Mardell.