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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 F-Pace leaps into crossover segment [UPDATE]

UPDATE: Jaguar has issued a statement indicating that the F-Pace cargo volume specified in the original official press release, was incorrect. In short, the correct figure is 33.5 cubic-feet, not 23 cu-ft, and we've updated the text. Here's the statement: "The previous draft of the release we issued incorrectly identified cargo volume in the Jaguar F-PACE using a figure that was not calculated using the US Market standard SAE methodology. The correct specification for rear load space volume in the 2017 Jaguar F-PACE with the second row seats up is 33.5 cu.ft., not 22.95 cu.ft." It's been two years since Jaguar showed off the C-X17 concept crossover at the Frankfurt Motor Show, giving us a deep metallic blue taste of what the world would look like with a leaping-cat in it. Here we have the production result, the 2017 F-Pace, coming to dealerships in Spring 2016. It will be offered in four trims - Premium, Prestige, R-Sport, and S - with three engines. Two supercharged V6 engines come at launch, one with 340 horsepower, the second with 380 hp, both shifting through the same ZF eight-speed transmission from the sedan range. Some time after that a 2.0-liter Ingenium diesel will join the lineup, offering 180 hp and 317 lb-ft. To get in, the price for that eventual diesel is will be $40,9907, while the V6s start at $42,390 and $56,700. If you liked the look of the C-X17 then there's nothing to put you off the F-Pace. The illuminated intakes from the concept are gone and the fender vents have a slightly different graphic, but otherwise you'll find Waldo before you'll find significant exterior changes. The body is one third aluminum, tweaked with high-strength steel, magnesium, and composites creating torsional stiffness numbers that match the new XF. Wheels go from 18 inches to 22 inches, hung at the ends of a double-wishbone setup in front, an integral link suspension in back, and monotube dampers all around, over a wheelbase that's 113 inches. Short overhangs front and back that mean a maximal approach angle of 25.5 degrees, a max departure angle of 25.7-degrees. The standard instrument binnacle is two analogue dials flanking a TFT display, the upgraded unit is a 12.3-inch virtual instrument cluster. It sounds like the interior trim will go as high up as you want it - something has to justify the $14,310 price difference between the V6 models - with "available leather" on the low end, aluminum mesh and satin grey ash at the other end.

Jaguar Land Rover to cut $6.8 billion in costs

Jaguar Land Rover reduce costs by $6.8 billion and will push annual production volume to 1 million vehicles under a secret project called Leap 4.5, according to Reuters. The British automaker wants to achieve these ambitious goals by the end of the decade to compensate for the changing market in China and to counteract the price of meeting stricter emissions standards around the world. Leap 4.5 won't mean firing workers or cutting the automaker's $4.5 billion annual research budget. JLR will instead find savings by underpinning more models with modular platforms and by adjusting its supply chain. Future factories like the one in Brazil and the proposed plant in Slovakia also won't be affected by the new strategy. Globally, JLR continues to grow, and deliveries are up two percent through October 2015 to 390,965 vehicles. Business just last month was up 24 percent year-over-year to 41,553 units. However, the auto market's downturn in China has taken a bite out the automaker's success because volume dropped there 32 percent in the third quarter, Reuters reported. A global volume of 1 million vehicles will mean more than doubling 2014's 462,678 deliveries, but JLR has made significant investments to boost production recently. In addition to the future factories, it opened its first plant in China last year and an engine assembly site in the UK. The company also signed a deal with Magna Steyr in 2015 to build an upcoming model in Austria. Related Video: