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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.

2018 Jaguar F-Pace S is a fun but thirsty travel companion

I love road trips. I've moved across the country twice, spending weeks living out of my car, eating granola bars and sucking down energy drinks like it was finals week all over again. I get a huge kick out of calculating fuel economy, stretching out tanks of gas or diesel until the low-fuel light begins to sear itself into my retinas. I try to take each and every one of our long-term vehicles on some such trip. Not long after our 2017 Jaguar F-Pace S arrives, my wife and I decided to see some family in Asheville, North Carolina, roughly 10 hours and 700 miles from our home in suburban Detroit. Now, I knew from the outset this was going to be a far different experience than our previous long-termer, a 2017 Jaguar XE diesel. I managed to eek out nearly 700 miles per tank, averaging 42 mpg over 2,000 miles with that car. But the 380-horsepower supercharged V6 in the F-Pace is rated at 18 city/23 highway with a combined rating of just 20 mpg. Not good, and — unlike the XE — I didn't think I could do much better without greatly altering my admittedly aggressive driving habits. Still, I wanted to take our blue bomber to the Blue Ridge Parkway, so onward I went. There were a few other things I was worried about over what was sure to be another 2,000-mile trip. The F-Pace's suspension was a bit stiff thanks to the sporty S trim. The 20-inch wheels don't help matters, though things could be worse (some people on staff wanted to get 22s). At least they look good. Still, the seats are comfortable and the radio is top-notch. LCD Soundsystem's latest album had just come out, so I put it on repeat and headed south. The first part of the trip was going to be both the most boring and the most economical. The roads in Michigan and Ohio are flat and straight. It isn't until you hit Kentucky and head into the Appalachian Mountains that things get interesting. Just set the radar cruise control and barrel down Interstate 75 with as much urgency as you dare. I forgot my Valentine One at home. The ride was firm but not as bad as I imagined it might be, at least once we got off of Michigan's pockmarked pavement. The F-Pace tracked straight and true, but I became acutely aware that the steering wheel itself was out of alignment, leaning just slightly to the left. Fuel economy was fine, but I was just meeting the EPA estimate, not beating it like I usually manage to do.

All Jaguars and Land Rovers to get diesel engines... almost

Virtually all Jaguar and Land Rover vehicles – except the F-Type sports car – will get a diesel engine option in the next three years, the company confirmed Sunday night at an event before the Detroit Auto Show. The aggressive blitz begins this fall, when the 2016 Range Rover and Range Rover Sport will launch with available turbocharged 3.0-liter V6 diesel engines. They will push out 254 horsepower and 440 pound-feet of torque, while returning fuel economy of up to 28 miles per gallon on the highway. The combined rating in city and highway driving will be 25 mpg. The Rovers will be followed in 2016 by the XE sedan and F-Pace crossover, which will offer the 2.0-liter turbodiesel four-cylinder engines, in addition to gasoline units. The diesel-powered XE is expected to get at least 40 mpg on the highway, Jaguar Land Rover North America CEO Joe Eberhardt said. The oil-burners are expected to offer 20-to-30 percent improvements in fuel economy compared with gasoline engines, depending on the vehicle. JLR's announcement comes as gasoline prices have plummeted in the United States, and regular fuel costs about $1 less than a gallon of diesel, according to AAA research. Still, the company is taking the long view, and Eberhardt said diesel engines offer greater performance and range than other options. JLR expects about 20 percent of its customers will opt for diesel engines. "We strongly believe this is what our customers will want, regardless of the fluctuations in gas prices," he said. JAGUAR LAND ROVER DEBUTS DIESEL POWER OFFERINGS, JAGUAR XE AND ANNOUNCES PLANS FOR PRODUCTION OF AN ALL-NEW JAGUAR PERFORMANCE CROSSOVER AT 2015 NORTH AMERICAN INTERNATIONAL AUTO SHOW • Jaguar Land Rover to introduceadvanced, highly fuel-efficient, clean-diesel powertrain options on virtually every Jaguar and Land Rover model sold in North America • The Jaguar F-PACE performance crossover to join Jaguar lineup in 2016 • Land Rover Range Rover HSE Td6 and Range Rover Sport HSE Td6 debut in U.S.; on sale in 2015 • North American debut of the Jaguar XE at NAIAS 2015 • Jaguar Land Rover announces global sales up 9% in 2014 (MAHWAH, N.J.) – January 11, 2015 – Jaguar Land Rover confirms several new vehicle announcements today including an all-new model to the Jaguar lineup, the Jaguar F-PACE, and diesel power options for most of its luxury line up, beginning with the 2016 MY Range Rover and Range Rover Sport luxury SUVs.