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Jaguar Land Rover hands Tata the biggest loss in Indian corporate history

BENGALURU/NEW DELHI — Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 percent. Tata Motors also warned that the Jaguar Land Rover (JLR) unit, which brings in most of its revenue, would swing to an operating loss for the year versus an earlier projection it would break even, given weak sales at the luxury British carmaker. JLR's China retail sales were cut almost in half in the December quarter as overall demand in the world's biggest auto market contracted last year for the first time since the 1990s. The firm has also been buffeted by Brexit woes and weaker business for diesel cars that account for bulk of its sales in Europe. Tata Motors turned in a third-quarter loss of 269.93 billion rupees ($3.8 billion) on Thursday, more than half its current market capitalization of $6.1 billion, mostly due to a massive impairment at JLR. Analysts were expecting a profit. "We are now taking clear and decisive actions in JLR to step up its competitiveness, reduce costs and improve cash flows and make the business fit for the future," Chief Financial Officer PB Balaji told reporters on a conference call on Thursday. JLR has taken steps to address the slide in China sales by changing its strategy to focus on profits for dealers instead of sales and incentivising retail sales over wholesale, he said. "We are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport," JLR Chief Commercial Officer Felix Brautigam said in a statement. "With deliveries of the new Evoque due to start later this quarter, we look forward to building momentum." But analysts expect JLR to struggle to generate profit with China's economy projected to slow further this year after growth eased to its weakest pace in almost three decades in 2018. JLR's overall retail sales in January plunged 11 percent. The dour numbers prompted Tata investors to make a beeline for the exits as markets opened on Friday, with shares of the company skidding to their lowest in nine years at one point. The stock was down about 20 percent by 0720 GMT near 150 rupees, on track for its sharpest drop since 2003. At least four brokerages cut their price target for Tata Motors shares after its quarterly loss. Analysts at Jefferies pegged the stock at 250 rupees, versus an earlier target of 300 rupees, citing weak performance at JLR.

Jaguar I-Pace concept previews all-electric SUV for 2018

It seemed that Tesla would stand alone for years with a battery-electric SUV. The Germans were coming, of course, but they appeared content to time their battery push until government regulations forced them there around 2020. That's all changed. Jaguar is promising to turn its I-Pace concept SUV into a full-fledged production crossover SUV within two years. It's Jaguar's way of leaping from internal-combustion power, clean over the top of plug-in hybrids, straight to zero-emission battery-electric vehicles. It says a lot about Jaguar's focus that the second SUV in its production history will also be its first electric car. It debuts this week at the Los Angeles auto show. The Indian-owned carmaker is promising the five-seat I-Pace will look, feel, handle, and perform like a proper Jaguar, too, with a 0-60-mph time of around four seconds. With 516 pound-feet of torque being pumped out of its two electric motors, the I-Pace has as much gristle as the pure-bred F-Type SVR sports car, and it has it from zero rpm. It's also promising the two motors will combine for 400 horsepower, too. It won't need to compromise on range to get its performance, with Jaguar promising the I-Pace will stretch across to 220 miles of range from its 90-kilowatt-hour lithium-ion battery pack. It will also take two hours to charge on a 50-kW fast-charging DC station, or achieve 80 percent charging in 90 minutes, and Jaguar insists commuters who drive about 30 miles a day would only need charging once a week. It won't be the last EV from Jaguar Land Rover, either, with its scalable modular architecture designed from scratch to spread across the corporate portfolio and to move down to smaller sedans and coupes or up to full-sized Range Rover contenders. The crossover SUV uses the alloy battery casing as an integral, stressed part of the I-Pace's chassis architecture, lowering the ride height and adding body rigidity. After entering the all-electric Formula E championship this year, Jaguar says it designed and engineered the batteries and the electric motors in-house. "This is an uncompromised electric vehicle designed from a clean sheet of paper: we've developed a new architecture and selected only the best technology available," said Jaguar Land Rover's technical development leader, Wolfgang Ziebart.

Jaguar I-Pace sets Laguna Seca record, virtually matches Tesla Model S P100D

Jaguar has announced that the I-Pace crossover has set the Laguna Seca lap record for production electric vehicles. With racing driver Randy Pobst behind the wheel, the I-Pace HSE completed a lap in 1 minute and 48.18 seconds. Jaguar was adamant to stress that the record-setting vehicle was bone stock with "no modifications whatsoever." As Jalopnik reports, a bit of a dispute arose about the lap time, as a Tesla Model S P100D is said to have completed a lap in 1 minute, 47.62 seconds. However, the Tesla in question had received brake upgrades, unlike the factory specification Jaguar. The I-Pace's two electric motors are good for a combined 400 horsepower and 513 pound-feet, propelling the SUV to 62 mph in just 4.8 seconds. Jaguar has also released video footage from the Laguna Seca run, above. Look for the slide at the 30-second mark! Pobst must have been enjoying himself, as you can hear him guffawing after the famous Corkscrew section. While this record was all about the prowess of a production EV, there will be a racing series featuring the I-Pace, as the I-Pace eTrophy begins in the fifth season of ABB FIA Formula E. View 3 Photos Related Video: