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Tata to shed 1,100 Jaguar Land Rover jobs after coronavirus hits earnings

BENGALURU — India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak. Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved. It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from the more than 3 billion pounds it has spent annually in previous years. "Conserving cash and prioritizing capital expenditure, and targeting investment spending to the right areas is our focus," Balaji told reporters, after the company posted a fourth quarter loss. We anticipate that up to 1,100 agency employees will be affected, a JLR spokeswoman said in a separate statement. Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021. The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR. Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31. JLR, which contributes the bulk of Tata Motors' revenues, reported a pre-tax loss of 501 million pounds for the period after it took a hit of 800 million pounds because of the novel coronavirus, Balaji said. He said there were signs sales were recovering in China, one of JLR's biggest markets, as well as in the United States and in Europe, with strong orders for Land Rover's sport-utility vehicle Defender and Range Rover's Evoque. JLR's boss Ralf Speth, who has led the company since 2010, will step down from his role at the end of his contract term in September. ($1 = 76.0446 Indian rupees) ($1 = 0.7954 pounds) (Reporting by Chandini Monnappa in Bengaluru and Aditi Shah in New Delhi; Editing by Shounak Dasgupta and Sriraj Kalluvila)

Jaguar's EV future starts with three 'sports crossovers' in 2025

Who'd have thought Cadillac and Jaguar would have so much in common? Once paramount luxury brands that lost their respective ways around the same time, floundered with one not-good-enough product after another, and have several failed reboots on their resumes. Given one last chance by their parent companies to get it together, both committed to all-electric lineups. And both have made it clear they're targeting the super-luxe demo, with Bentley the marque that always comes up as the hare in the distance. Cadillac appears to have made an outstanding shot off the line, its Lyriq bringing home reviews worthy of long-ago Cadillac, the Celestiq promising everything we screamed for from Cadillac concepts like the Escala and Ciel. We have two more years to wait for what Jaguar's bringing, the English automaker not expected to show near-production concepts of it coming lineup until a "globally significant" auto show that year. Autocar calims to have a few more details out of Jaguar HQ about what's to come. The product lineup has been guesswork to now. Autocar says it's going to be "a trio of ... electric sports crossovers." If that's the case, that means the F-Type puts an end to Jaguar's run of sporty, luxurious coupes — for a spell, at least. According to the report, the new range starts with a model around the size of the Porsche Taycan Sport Turismo wagon, which is an inch shorter than a Cadillac Lyriq. Two- and four-door variants will offer single- and dual-motor powertrains. Pricing is expected to begin in the GBP80,000 ($96,406 U.S.) to GBP90,000 ($108,457 U.S.) bracket, which would make this EV the highest starting price for any entry-level production Jaguar in maybe ever. Right now, the I-Pace starts at GBP66,350 ($79,957 U.S.), the F-Pace at GBP46,250. The most expensive model among the range is the F-Pace SVR at GBP81,150 ($97,792 U.S.). It's thought the upper end of the lower-end EV could "push prices to GBP120,000" ($144,610 U.S.) before getting to the SVR trims.     There's no info on the middle sibling. The flagship is anticipated to start around GBP120,000. Two motors and all-wheel-drive would be the default powertrain, prices hitting GBP200,000 ($241,016 U.S.) for SVR models.  The aim is to earn comfortable profit selling no more than 60,000 vehicles globally per year.

Ferrari and Jaguar dominate the 2017 Arizona Auctions

The 2017 Arizona Auctions took place this past weekend, and one look at the results should be a reminder that big-name auto auctions are no place for mere mortals. Aside from the fast paced nature – seven auction houses moved 3,486 vehicles across the auction block – the rarest and most desirable cars sold for more than most people will make in a lifetime. There were around 20 cars that sold for at least $1 million, with Bonhams topping the list with a $7,370,000 1963 Jaguar E-Type Lightweight. Despite $259.8 million in sales, Hagerty reports that 2017 was only the second biggest weekend in the Arizona auction's long history. The figure was up $9 million from 2016's total, but much of that increase can be attributed to the 12-percent increase in the total number of cars auctioned. The average selling price was $89,601, with the vast majority of vehicles selling for less than $100,000. Aside from the 1963 Jaguar E-Type, there were a number of rare and noteworthy vehicles for up for grabs. RM Sotheby's $6,600,000 1939 Mercedes-Benz 540K Special Roadster was the runner-up in value, followed closely by a $6,380,000 1952 Ferrari 340 America Competizione Spider from Bonhams. The various top-10 lists were awash with Ferraris and other European automakers, though much of the lower-end sales were populated by classic American autos. Most of the top sellers were built before 1970, though the occasional newer model (1995 Ferrari F50, 2005 Porsche Carrera GT, 2006 Ford GT) made it through. Based on 2017's overall theme, it appears that interest on cars from American automakers is on the rise. Hagerty notes that a number of 1980s American sports cars like the Chevrolet Corvette and Pontiac Firebird did surprisingly well. Look for the 2018 auctions to see if the momentum continues. Related Video: