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Jaguar Land Rover CEO: Wrong Brexit deal will cost thousands of UK jobs

BIRMINGHAM, England — The wrong Brexit deal could cost tens of thousands of jobs, the boss of Britain's biggest carmaker Jaguar Land Rover warned on Tuesday, saying he had no idea whether his plants would be able to operate after Britain leaves the European Union next year. Ralf Speth also said that the company would not be able to build cars if customs checks meant that the motorway to and from the southern English port of Dover, which is used to transport components, becomes a "car park" due to snarl-ups of people no longer able to move freely among EU countries. Speth made the warning at a conference in Birmingham, central England, speaking shortly before Prime Minister Theresa May, who is battling to have her so-called Chequers Brexit plan accepted by many in her Conservative Party as well as the EU ahead of Britain's departure from the bloc on March 29. "A thousand (jobs were) lost as a result of diesel policy, and those numbers will be counted in the tens of thousands if we do not get the right Brexit deal," warned Speth, referring to redundancies made earlier this year at the firm. "Currently I do not even know if any of our manufacturing facilities in the UK will be able to function on the 30th," he said. The boss of JLR, which built nearly a third of Britain's cars last year, also said long-standing issues around low productivity in Britain could be compounded by a Brexit agreement which made the country less competitive. "It is thousands of pounds cheaper to produce vehicles for instance in Eastern Europe than in Solihull, and what decisions will I be forced to make if Brexit means not merely that costs go up but that we cannot physically build cars on time and on budget in the UK?" he said.Reporting by Costas Pitas

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.

James Bond Spectre villain to drive never-was Jaguar C-X75 supercar

James Bond is used to being outgunned. Often working alone, 007 has developed a knack for taking out major criminal syndicates and terrorists despite this routine disadvantage. But in his latest film, Spectre, we suspect Mr. Bond will have met his match in at least one regard – the car being driven by his nemesis, Franz Oberhauser, played by Christoph Waltz. For the 24th Bond flick, Spectre, the chief baddie will reportedly be driving the oft-fancied Jaguar C-X75 Concept car, which will star opposite of the hero's new Aston Martin DB10. As you'll recall, Jaguar flirted with actually producing the C-X75 before calling it off just over two years ago. According to Autocar, which spoke to people involved in the film's production, Herr Oberhauser's C-X75 will be powered by Jaguar Land Rover's popular 5.0-liter, supercharged V8, rather than its original complex hybrid powertrain (which relied on four electric motors recharged by a pair of diesel-fueled micro gas turbines). Jaguar would not confirm its role in the upcoming film, although Autocar has pieced together a few powerful signs that the company will be donating the services of its concept to the new flick. First, supplying the villain's car for the latest Bond film fits in nicely with the company's "Good to be Bad" campaign, despite the fact that the villain, in this instance, is Austrian, rather than British. Moreover, Autocar points to Aston's use of the tagline "It's good to be Bond" since the reveal of the new DB10, as an indication that the Jag will be opposing its former corporate cousin in Spectre.