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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 I-Pace EV has a new pedestrian warning sound: Listen to it here

Jaguar's production of its first electric car means it also has to deal with a problem everybody else has been trying to solve: noise, or rather, the lack thereof. People can hear an engine at low speeds when they're walking along a sidewalk. The same can't be said for silent-operating electric cars. We wrote about Chevrolet's latest solution to the noise problem a few weeks back, and now Jaguar is sharing what it came up with for the I-Pace. The noise it didn't use is almost more interesting than the one it did, though. Jag says its first iteration was meant to be spacecraft/UFO inspired, but apparently it was so convincing that people tended to look up at the sky instead of at the road. Engineers switched it to what seems like a pretty general hum sound for production. Take a listen yourself in the video above — you'll hear the noise at the 40-second mark, and a few other spots after that. The sound is emitted from a speaker behind the grille at speeds up to about 12 mph. It'll change in pitch and volume to correspond to the increasing or decreasing speed of the vehicle — it even changes tone when you shift into reverse to signal a change in direction. Jaguar says the noise is no longer needed at speeds above 12 mph because tire and wind noise become sufficient enough at that speed. Chevy turns the noise off on the Volt at about 20 mph, however, showing that manufacturers haven't really come to a consensus on what should be happening. A U.S. law that hasn't gone into effect yet will ask manufacturers to keep the noise at up to 18.6 mph, though. We happen to be partial to the jaguar growl heard right at the end of the video as a warning sound. That's how you make an entrance with a Jaguar. These kinds of systems are necessary to warn those who might be blind or visually impaired, but distracted walkers are a huge demographic of people needing a warning too. Everybody walks around with their head buried in a phone nowadays, making silent vehicles a hazard of our own habits. Jaguar says it specifically engineered the noise so that it doesn't intrude upon the cabin, so only pedestrians are bothered by the hum when slowly plodding through cities. Jaguar I-Pace pedestrian warning sound View 10 Photos Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Jaguar Green Driving Technology Crossover SUV Electric Luxury pedestrian safety jaguar i-pace

Formula E is on track financially, with NYC race coming up

LONDON - Formula E could be breaking even already were it not investing for the future, chief executive Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts. Accounts filed at Companies House showed Formula E Operations Ltd reduced its operating loss to 33.7 million euros ($38.32 million) at end-July 2016, a period covering its second season, from a previous 62.7 million. Net liabilities rose to 107.2 million euros from 72.1 million, while total revenues reached 56.6 million from a previous 19.7 million. "Everything is going according to plan," Agag, whose city-based series will be racing in New York for the first time on July 15 and 16, told Reuters in an interview at his London offices. "Actually we are doing incredibly well financially according to our plan. "We could have broken even this year but we decided to invest more in marketing and promotion. We decided to add races like the one in New York, which is in year one a race which is costing, we have significant capital expenditure." "It's really up to us when we want to go to break even or not. We could be in break-even now, we could be in break-even next season but we may decide to invest more in marketing and promotion." Agag said the shareholders, including John Malone's Liberty Global and Discovery Communications, were supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers. The New York races will be held in Brooklyn's Red hook neighborhood, with lower Manhattan and the Statue of Liberty as a backdrop with technology partner Qualcomm securing the naming rights. MANUFACTURER INTEREST Agag, whose series plays down competition with Liberty Media-owned Formula One, said more carmakers were set to join a series increasingly aligned with their commercial focus. "I think Formula E has become the preferred destination for manufacturers and there are a few reasons for that," said the Spaniard. "Obviously, one is that it is electric and manufacturers are more and more focusing on electric cars...and we are the only platform really to help them promote that technology and those types of cars. "And second, because of the cost. The cost of the team in Formula E is very moderate." Whereas top Formula One teams can burn through $300 million a year, as can the likes of Toyota in the World Endurance Championship, the budgets of successful Formula E teams are between 10 and 15 million.