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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.

Watch this bad parker get what's coming to him

If you're lucky enough to have a nice vehicle, do your fellow gearheads a favor and don't park like a clown. Seriously. Not only will you anger everyone who is trying to find a place to park, but your nice car is a billboard reinforcing the stereotype that car people are self-important and inconsiderate.
Take this gentleman for example. He has a Jaguar XK, and understandably wants to take care of it. Rather than parking it far, far away from any other cars and getting a bit of exercise by walking to his building, he takes up two spots (albeit barely) close to the structure. From the cameraman's narration, we can tell his coworkers are less than thrilled about his inability to stay between the lines.
Naturally, they wanted to teach him a lesson, so they parked a bigger vehicle as close to his driver's door as possible. Mr. XK's attempts to enter his vehicle are rather amusing, culminating in his climbing through the passenger side and scooching over to the driver's seat. While we can debate this sort of treatment all day long, it was effective. The video includes a follow up at the end showing where the XK driver parked the next day, and as you might guess, it wasn't in the same spot.

Jaguar I-Pace eTrophy: New EV, new series — Jaguar's going racing

Luxury carmaker Jaguar is teasing the 2018 launch of a five-seat electric sports car based on its I-Pace concept as its first battery-electric vehicle. The Indian-owned automaker released images of the sports car as part of its announcement that it will launch the world's first international production EV race series in 2018. A performance SUV version of the I-Pace, previously reported and presumably based on a concept revealed late last year, is also planned for late 2018. Jaguar has said it plans to electrify all new models after 2020, part of a wave of similar announcements as governments in England, China and elsewhere have announced plans to eventually ban the sale of gasoline or diesel cars. In its announcement, Jaguar said only that the race series would "support the launch" of the I-Pace five-seater. View 7 Photos At the Los Angeles auto show last year, Jaguar said its concept I-Pace crossover SUV would have a 220-mile range from its 90-kilowatt-hour lithium-ion battery pack, designed and engineered entirely in-house. The Jaguar I-Pace eTrophy series is a support series for the FIA Formula E championship and will exclusively feature up to 20 all-electric Jaguar I-Pace racecars across 10 races in cities including Hong Kong, Paris, Sao Paolo and New York. The racecars will be built at the Jaguar Land Rover Special Vehicle Operations in Warwickshire, England. "With the launch of the Jaguar I-PACE eTROPHY, we have strengthened our commitment to battery electric vehicles, international motorsport and Formula E," Gerd Mauser, chairman of Jaguar Racing, said in a statement. "As a British team, we are proud to announce today the launch of the world's first production battery electric vehicle championship." He added: "Ultimately this innovative series will enhance the technology in our future electric vehicles and benefit our customers." Jaguar says it will release technical specifications, race calendar and costs for the I-Pace eTrophy in 2018. Related Video: Green Frankfurt Motor Show Jaguar Electric Racing Vehicles Performance Sedan Frankfurt 2017 jaguar i-pace