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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

Jaguar Land Rover names ousted Renault boss as new CEO

LONDON — Jaguar Land Rover (JLR) has picked ousted Renault boss Thierry Bollore as its next chief executive, with a mission to return Britain's biggest carmaker to profit after a big hit from the COVID-19 pandemic. Bollore took over at Renault in January 2019 after the fall of Carlos Ghosn, but was always viewed as close to the French carmaker's longtime boss and was pushed out in October when the company was looking for a fresh start. Bollore will take over at JLR on Sept. 10, replacing Ralf Speth, whose tenure ends after more than 10 years. "It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation," Bollore said in a statement on Tuesday. JLR was hit this year first by disruption to sales in China and then by lockdowns across Europe and North America as the COVID-19 outbreak spread around the globe. In 2019, it cut jobs to address tumbling diesel sales, which helped it return to profit. But as the pandemic struck, it slumped to a pretax loss of 422 million pounds ($545 million) for the year ended March 31, 2020. The company has already taken steps to tackle the crisis, including agreeing to a loan facility of around $700 million with lenders in China and further staff reductions. JLR is also in talks with the British government over potential support, according to media reports. Bollore takes over a business that built just over 500,000 cars in 2019/20. He faces a number of tasks, including how to handle the Jaguar brand, which underperforms the Land Rover marque, how quickly to electrify its lineup and a potential hit from Brexit if trade barriers are imposed. JLR has a partnership with BMW on electrification, and parent company Tata Motors recently recommitted to the company. "Tata Group recognizes and values Jaguar Land Rover's future potential highly," said JLR Chairman Natarajan Chandrasekaran earlier this month. "That is why this company is central to our global automotive presence – a presence that we intend to develop for years to come." Related Video:         (Additional reporting by Chris Thomas in Bengaluru and Gilles Guillaume in Paris; editing by Jason Neely and Mark Potter)

2019 Jaguar I-Pace gets official 234-mile range rating

The 2019 Jaguar I-Pace is officially rated to travel as far as 234 miles on a single charge of its battery pack. That's down slightly from the 240 miles initially promised when the slinky electric crossover was first unveiled here in the States. And, while it's roughly equal to the base version of the Tesla Model X, that's not exactly an apples-to-apples comparison. Quoting maximum electric range without considering the capacity of a car's battery pack is the same as quoting the maximum driving range of a gasoline-fueled vehicle without considering how many gallons of gas the tank holds. The I-Pace's battery pack is rated at 90kWh. The Model X's smallest pack is 75kWh. So the Tesla can go about the same total distance as the Jaguar using significantly less energy. It's not just Tesla that boasts greater efficiency figures than the Jaguar. Chevy manages to eke 238 miles out of the Bolt EV's 60kWh battery pack, and Hyundai gets 258 miles from the Kona Electric's 64kWh pack. These vehicles certainly don't all play in the same market segments, and there are a lot of variables to consider. For instance, the Jaguar's 4.5-second 0-60 rating is quicker than the Model X's 4.9-second rating, and its advertised power output of 394 horsepower and 512 pound-feet of torque is higher than Tesla's for the 75D (though Tesla's actual power numbers aren't really advertised in traditional hp and lb-ft figures). But even if cars like the Model X, Chevy Bolt, and Hyundai Kona EV aren't directly comparable across the board, their range and battery capacity figures do help us understand the relative efficiency of each specific vehicle. The efficiency of electric vehicles rated by the EPA is expressed as a MPGe (miles per gallon equivalent) figure. The 2019 Jaguar I-Pace's figures of 80 city, 72 highway, and 76 combined MPGe don't compare favorably with the Tesla Model X's 91 MPGe city, 95 MPGe highway and 93 MPGe combined ratings. It'll be interesting to see how much EV buyers care about the Jaguar's comparatively poor MPGe ratings, but they will definitely have an impact in the real world. In practical terms, what all of this means is that the Jaguar I-Pace is going to use more electricity per mile than the Tesla Model X. And that means it's going to cost more to drive the same distance in the Jag when compared to the Tesla, or just about any other modern long-range EV that's currently on the market. Related Video: This content is hosted by a third party.