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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 brings the new XKSS to Jay Leno's Garage

Jay Leno is no stranger to the Jaguar XKSS, having driven Steve McQueen's no less. But that doesn't mean he would turn down a chance at another one, and certainly not the continuation model seen in this week's Jay Leno's Garage. This particular XKSS is the first of nine cars built to complete the car's original 1957 production run, which was cut short in a factory fire. The video covers many of the fascinating details that went into recreating the XKSS. Among them are Jaguar's acquisition of an original D-Type engine block to make new castings, and even replicating the type of type of steering wheel used back in the day. Most of the vehicle is made to be identical to the originals, with only a few changes made for usability. This includes better quality materials for the brake lines, and ethanol-resistant materials for the fuel tank. Because this particular XKSS was on its way to the LA Auto Show (where we saw it debut at the Petersen Museum), Leno didn't get a chance to take it for a spin. However, snippets of his drive in McQueen's car were added, since it's the same car for all intents and purposes. What Leno emphasizes is how modern the car feels, also noting that it feels lighter than many other classic Jaguars. To see all the details and impressions, check out the video above. Related Video:

David Brown Automotive launches old-is-new-again Speedback [w/video]

Back in January, we reported on a new British coachbuilder called David Brown Automotive. In February, the startup released the first details and images of its inaugural project, and now it has revealed the finished product.
It's called Speedback, and it's based on the Jaguar XKR. But while it's built on a modern chassis (relatively, anyway - the XK arrived in 2006 and is soon to be discontinued), it's been rebodied to look like a classic British GT. That means that, while it may look like a classic Aston Martin, it's got a thoroughly modern 5.0-liter supercharged V8 under the hood with over 500 horsepower on tap.
Otherwise, little in the way of details have been disclosed - including what you can bet will be an astronomic price that tends to come with these sorts of coachbuilt customs. But the important parts are what you can see, and that means the finest British craftsmanship inside and out. Whether you like the particular style or not, of course, is entirely a matter of taste.