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Jaguar Land Rover posts profitable quarter amidst big yearly losses

Jaguar has posted its first profit in quite some time, as the financial quarter ending on March 31 brought in a net income of $151.6 million. However, that is the light in the end of the tunnel, as full year results through March showed a $4.58 billion loss (GBP3.6 billion). The losses are again attributable to declining sales in China, with a whiff of the still-lingering Brexit process. While JLR's annual U.S. sales were up 8.1 percent, and U.K. sales improved by 8.4%, overall sales came down 5.8% to 578,915 vehicles. For April, Chinese sales nearly halved as they dropped by 46 percent. Earlier this year, JLR's woes caused its owner Tata Motors to post the biggest ever quarterly loss in Indian corporate history, at nearly $4 billion. JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround. Speth said JLR has already managed to deliver $1.59 billion (GBP1.25 billion) of efficiencies and savings. JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (GBP2.5 billion) of investment, working capital and profit improvements by March 2020, and that it currently has $4.84 billion (GBP3.8 billion) of cash. Speth continued that JLR will "go forward as a transformed company that's leaner and fitter," and that the sustained investment in new products and technologies will drive future demand. There has been earlier speculation of Tata Motors selling JLR to the PSA Group, but as Autocar reports, Tata's financial chief again refuted these rumors. JLR also announced today that its CFO of 11 years, Ken Gregor is stepping down after 22 years with the company, and that he will be succeeded by JLR's Chief Transformation Officer, Adrian Mardell.

2019 Jaguar I-Pace gets official 234-mile range rating

The 2019 Jaguar I-Pace is officially rated to travel as far as 234 miles on a single charge of its battery pack. That's down slightly from the 240 miles initially promised when the slinky electric crossover was first unveiled here in the States. And, while it's roughly equal to the base version of the Tesla Model X, that's not exactly an apples-to-apples comparison. Quoting maximum electric range without considering the capacity of a car's battery pack is the same as quoting the maximum driving range of a gasoline-fueled vehicle without considering how many gallons of gas the tank holds. The I-Pace's battery pack is rated at 90kWh. The Model X's smallest pack is 75kWh. So the Tesla can go about the same total distance as the Jaguar using significantly less energy. It's not just Tesla that boasts greater efficiency figures than the Jaguar. Chevy manages to eke 238 miles out of the Bolt EV's 60kWh battery pack, and Hyundai gets 258 miles from the Kona Electric's 64kWh pack. These vehicles certainly don't all play in the same market segments, and there are a lot of variables to consider. For instance, the Jaguar's 4.5-second 0-60 rating is quicker than the Model X's 4.9-second rating, and its advertised power output of 394 horsepower and 512 pound-feet of torque is higher than Tesla's for the 75D (though Tesla's actual power numbers aren't really advertised in traditional hp and lb-ft figures). But even if cars like the Model X, Chevy Bolt, and Hyundai Kona EV aren't directly comparable across the board, their range and battery capacity figures do help us understand the relative efficiency of each specific vehicle. The efficiency of electric vehicles rated by the EPA is expressed as a MPGe (miles per gallon equivalent) figure. The 2019 Jaguar I-Pace's figures of 80 city, 72 highway, and 76 combined MPGe don't compare favorably with the Tesla Model X's 91 MPGe city, 95 MPGe highway and 93 MPGe combined ratings. It'll be interesting to see how much EV buyers care about the Jaguar's comparatively poor MPGe ratings, but they will definitely have an impact in the real world. In practical terms, what all of this means is that the Jaguar I-Pace is going to use more electricity per mile than the Tesla Model X. And that means it's going to cost more to drive the same distance in the Jag when compared to the Tesla, or just about any other modern long-range EV that's currently on the market. Related Video: This content is hosted by a third party.

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.