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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.

Jaguar Land Rover planning to allow owners to earn cryptocurrency

Jaguar Land Rover, Britain's largest auto manufacturer, said on Monday it is testing software that will allow drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data. The company is developing what it calls "smart wallet" technology to be installed in its automobiles. This would reward Jaguar car drivers with IOTA coins for actions such as enabling their vehicles to automatically report useful data, such as traffic congestion or potholes to navigation providers or local authorities. Drivers could also earn rewards if the car participates in a ride-sharing program, Jaguar said. The tokens earned could be used to pay for tolls, parking and charging for electric cars. The overall goal was to "achieve zero emissions, zero accidents, and zero congestion," the company said. Global car companies are exploring blockchain applications, figuring out different ways in which they can leverage the technology to suit their different needs. Blockchain, the system powering cryptocurrencies like bitcoin, is a shared database that is maintained by a network of computers connected to the internet. The British car company is testing the technology at the new Jaguar Land Rover software engineering base in Shannon, Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with "smart wallet" features, the company said. It does not yet have a timetable for when it will be commercially available, said Jaguar, a subsidiary of Tata Motors. The IOTA token is based on a distributed ledger technology that enables people and machines to transfer money and data without any transaction fees. IOTA trades on digital asset exchanges and was last at 27 U.S. cents per token. "The smart wallet technology ... can be easily adapted into all new vehicles," Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters on Friday. "IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy," he added.

2018 Jaguar updates include a new 247-hp four for XE, XF, and F-Pace

Jaguar has announced changes and updates to its 2018 XE, XF, and F-Pace models, and the big one is a brand-new Ingenium four-cylinder engine. It replaces an older four-cylinder that was available on the 2017 XE line, and it will be the first gasoline four available on both the bigger XF sedan and the F-Pace crossover. This latest Ingenium engine is a turbocharged 2.0-liter gasoline four-cylinder like the older Jag engine it replaces; this one has its exhaust manifold integrated into the cylinder head, and it uses a twin-scroll turbocharger. It produces 247 horsepower and 269 pound-feet of torque, which are improvements of 7 hp and 18 lb-ft over the XE's old turbocharged four. Plus, peak torque is also available a bit lower than with the previous engine, at 1,200 rpm versus 1,750. It shares its architecture with the Ingenium diesel four-cylinder. The XE also gets some powertrain love at the top of the range, borrowing an engine from its bigger siblings. Jaguar is introducing a new XE S model with the 380-horsepower supercharged 3.0-liter V6. Previously, the most powerful engine available on the XE was the 340-horsepower version of that V6, which will still be available. The XE gets another upgrade in the form of an available 12.3-inch instrument panel display, when optioned with the Jaguar Touch Pro infotainment system that's also available on the other models. The big news for the XF is that its base price drops ever so slightly now that a four-cylinder model has been added. The rear-drive model with the new Ingenium engine starts at $48,770 as opposed to $49,245 for the cheapest 2017 XF, which had a diesel four-cylinder and rear-wheel drive. The downside is that diesel buyers will be paying $50,270 for the 2018 version of the same car. Some other technology upgrades have permeated the lineup as well. These 2018 Jaguars will be available with a forward cross-traffic alert and a system that will show steering angle and distance to objects on screen during slow forward maneuvering. The latter seems mainly useful for tight parking spaces. These features are available with Jaguar's Surround Camera System. Jaguar also introduced a system that will allow users to pay for gas (or diesel) from the car's touch screen using Apple Pay, Android Pay, or PayPal. The system will be introduced first in the UK and later this year in other markets, and it can only be used at Shell gas stations. Related Video: