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Strong JLR sales in China boost Tata Motors' quarterly profit

BENGALURU, India — Tata Motors Ltd on Friday posted a 67.2% surge in quarterly profit. Sales at its luxury car unit, Jaguar Land Rover (JLR), improved in key market China as the country led a recovery in the global automobile industry from the pandemic. The Indian carmaker had logged losses for three straight quarters as the COVID-19 pandemic dented business in several of its key markets even as it was already dealing with uncertainties around Brexit, weak demand and rising costs. The Brexit trade deal agreed upon in December has avoided the risk of tariffs on automotive parts and finished vehicles, Tata Motors said, adding that JLR remains encouraged by the Brexit trade deal. JLR sales in China jumped 20.2% on-quarter and were 19.1% higher from the year-ago period. Retail sales at the unit, which accounts for most of the company's revenue, were up 13.1% from a quarter ago, but still 9% lower than pre-pandemic levels. The company said it had saved 400 million pounds ($548.96 million) during the December quarter at JLR under Project Charge, taking the total savings to 2.2 billion pounds so far. Tata Motors has set a full-year target of saving 2.5 billion pounds. Consolidated net profit came in at 29.06 billion rupees ($398.52 million) for the third quarter, compared with a profit of 17.38 billion rupees a year earlier. It had reported a loss of 3.14 billion rupees in the previous quarter. The festive season in mid-November, during which Indians typically make big-ticket purchases, also helped overall sales. "Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in last 33 quarters," Tata Motors Chief Executive Officer and Managing Director Guenter Butschek said. Total revenue from operations rose 5.5% to 756.54 billion rupees.

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 puts Mourinho on ice

There is principal among the persecuted to embrace insults and turn them around. That's how the gay community turned "queer" from a pejorative term into a badge of pride. Now Jaguar has done the same with "footballer's car." While this has been generally seen as the UK equivalent of a "rapper's car," generally a big four-wheel-drive such as a Range Rover, blinged up so as to make it unusable off-road, Jaguar has taken the curious step of deliberately putting a footballer in the new F-Pace. Before you can even buy a Jaguar F-Pace, the company has taken ex-Chelsea and Real Madrid manager Jose Mourinho to Northern Sweden to drive a prototype on ice. And there is not an ounce of bling about the event. It was run on 60 km (37 miles) of frozen lake at Jaguar Land Rover's extreme testing facility in Arjeplog, Sweden, which is 40 miles from the Arctic Circle. And it's not just JLR engineers who get to do this. Jaguar sells the "Jaguar Ice Drive Experience," while Porsche has something similar and if you really want to go for it there is a company that does it in Porsches, Maseratis, and the wonderful Alfa 4C. But those are not footballers' cars. Jag quotes Mourinho as saying, "The experience was magnificent. For people in my world, I think a few days in a place like this is magnificent." However even if you read it in a Spanish accent it still sounds like it was written by a PR man. Ditto the quote "I am always learning. Even in football, which is an area that obviously I feel that I'm an expert, I'm never perfect and I always learn." What Jaguar gets out of the association is some quotes about Mourinho's plans – he's going to stay in the UK – which means the major UK papers might pick it up. They probably will and then ignore all the cool ice driving stuff. What we get as car nuts is some awesome footage of the car power-sliding with rooster tails of snow. It's a good looking car; I've seen some testing on the roads around Jaguar's home of Coventry and did a double take. It's a little Macan-like but better looking. I've driven the F-Type with both the 375-HP V6 used in the Mourinho F-Pace piece and the 550-hp supercharged V8, and the V6 is plenty. Until you drive the V8, which blows your mind way. Indeed I have the letter on my desk pleading guilty to the fixed penalty (62 in a 50) that I picked up in the F-Type. What you can't tell from the video is how good the V6 sounds. How it does a nice little wake-the-neighbours blip when you switch it on.