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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.

Ford Expedition, F-150 Limited and Cadillac V Series | Autoblog Podcast #583

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Assistant Editor Zac Palmer. First, they talk about the cars they've been driving, including the Ford Expedition, Ford F-150 Limited and the Mini Cooper JCW Knights Edition. Then they discuss the news, including Ian Callum stepping down from Jaguar, Cadillac's V cars and the latest in the saga between FCA and Renault. Autoblog Podcast #583 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: Ford Expedition Ford F-150 Limited Mini Cooper JCW Knights Edition Ian Callum resigns from Jaguar Cadillac V FCA backs down from Renault merger talks Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

$4.5M Maryland mansion has a brick street with classic cars in its basement

At one extremely large residence in Potomac, Maryland, the residents need not call the driver to head into town. Instead, the people who lived and will live in this house can simply take a walk downstairs to hit up the post office, or the theater, or the massage parlor. These faux shops are just a small part of a re-created old-style downtown strip, complete with a brick drive and classic collector cars.  Brought to light by Twitter user @victoriaxxviii, 11610 Highland Farm Road, Potomac, Maryland, is a 12,089-square-foot gated mansion that sits on four acres, with the opportunity to buy two more next to it. It has seven bedrooms and eight bathrooms in the main house, a guest house with two bedrooms and a bathroom, and a pool house with a full kitchen and a bathroom. The place also has a heated pool and a tennis court. Yet, none of that would be of interest if not for the items hidden in the home's finished basement.  Best understood by seeing the photos above, the lower level of the house was built to resemble an old town. In addition to the aforementioned stores, it also has a sports shop, a flower shop, an inn, a tattoo parlor, a church, and most important, an auto repair shop and gas station. The repair shop is key, as there are several collectible cars positioned throughout the winding town road. Seen in the photos are a Citroen 2CV, a Jaguar E-Type roadster, a scooter, and a third vintage car that appears to be from the '20s or '30s.  The house was built in 1987 and features four garage spots. It is currently listed for $4.5 million, but it is unclear if the downstairs cars are included in the purchase. Visit Washington Fine Properties for more photos of the house and extra information about its amenities. Related Video: