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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.

2020 Jaguar F-Type loses manual option, costs more money

When Jaguar showed off its 2020 F-Type Checkered Flag Edition in October 2018, we wrote, "Somewhat surprisingly, the Checkered Flag upgrades will only be applied to four- and six-cylinder models paired with the eight-speed automatic." At the time, we didn't understand why buyers weren't offered the manual transmission. Now we know: Along with applying slight price bumps to the F-Type for the 2020 model year, Jaguar has eliminated the manual gearbox. The F-Type is only available with an eight-speed auto now, and our list of cars with manual options has shortened again. That blow exposes the recurring flaw with every "Save the Manuals!" campaign; row-your-owners can't buy enough manual-equipped cars to repay the favor. Car and Driver said that since the F-Type's introduction for the 2013 model year, four percent of buyers have chosen the stick. On a sports car. There's a good chance that a greater number of people have bought unicorn hunting licenses from Lake Superior State University. In kinder news, the Front Parking Aid and Smartphone Pack, which enables Apple CarPlay and Android Auto, come standard, and Eiger Gray and Portofino Blue join the paint palette. Starting from the bottom, the base, rear-wheel-drive F-Type coupe with the 296-horsepower, 2.0-liter four-cylinder costs $62,625 after the $1,025 for destination fee. The convertible costs $65,725 after destination. Both prices represent an $850 increase over 2019. A RWD coupe with the 340-hp, 3.0-liter supercharged V6 costs $72,225, a $1,050 increase, the roadster asking $75,225, a $925 bump. The F-Type Checkered Flag Edition, based on the F-Type R-Dynamic trim, runs $72,925 for the coupe, $75,325 for the convertible in 300-hp, four-cylinder, RWD guise. Move to the 380-hp, supercharged six-cylinder, AWD model, and that'll be $95,525 for the coupe, $97,925 for the convertible. In between them, the regular F-Type R-Dynamic runs a price range from $85,325 as a RWD coupe to $91,425 as an AWD convertible, all prices rising by $950. From there on up it's all AWD and high horsepower. The F-Type R with the 5.0-liter supercharged V8 in 550-hp trim runs $102,825 as a hardtop, $105,925 as a droptop, a $1,050 premium over 2019. Ring the bell with that V8 in 575-hp SVR fettle, and pay $124,625 as a coupe, $127,725 as a convertible, reflecting an $850 increase. The 2020 F-Type is at dealers now.

Is Jaguar testing an electrified XE?

Rumors about Jaguar Land Rover moving further into electrification for its models have been circulating for the last several months. Thanks to some new spy shots, there's even more evidence that the company could have a hybrid or electric model on the way. According to our spies, this rather innocuous looking XE was spied with a group of camouflaged XF and F-Pace prototypes in Spain. Everything about the luxury sedan looks fairly stock until you see the rear end. There, just under the taillight, is a circular blue badge with an "E" in it. That emblem and the vehicle being with other test cars hints at the possibility of Jaguar doing something electrified with the vehicle. Unfortunately, there are no other clues here to determine exactly what is happening underneath the skin. Jaguar Land Rover has been insinuating its intention to build greener models for a while. The company even founded an engineering center partially for them in 2013. A fully electric powertrain is reportedly under development to slot into the F-Pace and maybe also for a Land Rover. Meanwhile, Jag has a trademark on the name EV-Type. With these new photos, the signs of JLR's coming electrification continue to mount.