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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.

On Location in Montenegro with Jaguar

I didn't know much about Montenegro until just a few weeks ago, when Jaguar invited Autoblog to the country to test out the 2017 F-Pace. In case you missed our write-up, the vehicle is excellent. So, it turns out, is Montenegro. According to the all-knowing Wikipedia, "It has a coast on the Adriatic Sea to the southwest and is bordered by Croatia to the west, Bosnia and Herzegovina to the northwest, Serbia to the northeast, and Albania to the southeast." That's a dry way of saying that Montenegro is situated in a beautiful part of Europe, with mountains galore, glorious coastlines, and spectacular rocky cliffs that plummet into the Adriatic Sea. Getting to Montenegro is a bit difficult. There are two airports in the country, neither of which is particularly large or easily accessible. Driving can be a challenge, too; since most of the country is mountainous, there are exactly zero highways within its boundaries. There are, however, lots of winding two-lane roads with picturesque views and a ferry system to shuttle vehicles across some of the larger bodies of water. Montenegro is a great place to experience a vehicle like the Jaguar F-Pace, which offers great driving dynamics across a wide variety of road surfaces. And as you'll see in the video above, surfaces vary widely in Montenegro. If you want learn more about the 2017 Jaguar F-Pace, stick around for the second video in the playlist. Related Gallery 2017 Jaguar F-Pace: First Drive View 33 Photos Jaguar Crossover Luxury Performance Videos Original Video jaguar f-pace on location

Ian Callum wanted to call Jaguar's crossover X-Type [w/poll]

Jaguar raised some eyebrows when it announced that it would call its upcoming crossover F-Pace. But the British automaker didn't just pick the name out of a hat. Speaking with Auto Express, Jaguar's design director Ian Callum said the company entertained several possible nameplates for its first crossover, and that he personally advocated for resurrecting the name X-Type. The nameplate was, of course, previously used on the marque's entry-level sedan – the predecessor to the upcoming XE that was based on the front-drive platform of the Ford Mondeo and which was also offered with all-wheel drive. The connection with that much-maligned model is reportedly ultimately what dissuaded the company's marketing gurus from using the nameplate again, even if it might have been more suitable. Another nameplate Coventry reportedly considered was XQ, but the latter letter's use by rival Audi for its crossovers and by former sister company Aston Martin for its personalization range ruled the prospect out for the Leaping Cat marque. Auto Express notes a connection between the name F-Pace and Jaguar's 1960s ad campaign hailing its products as offering a combination of "Grace, Space and Pace." For his part, Callum didn't dismiss the possibility the slogan could could lead to additional models wearing similar nameplates like F-Grace or F-Space. What do you think – did Jaguar pick the right name for its first foray into the crossover market? Share your thoughts in Comments and cast your vote in our poll below.