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Jaguar Land Rover to cut thousands of UK jobs

LONDON — Britain's biggest carmaker Jaguar Land Rover (JLR) is set to cut thousands of jobs as the company faces lower demand in China and a slump in sales of diesel cars in Europe. The central English firm builds a higher proportion of its cars in Britain than any other major or medium-sized carmaker and has also spent millions of pounds preparing for Brexit, in case there are tariffs or customs checks. Britain's business minister Greg Clark said on Thursday it is clear why a no-deal Brexit would add to the problems with further costs and disruption. JLR lost 354 million pounds ($450 million) between April and September 2018 and had already cut around 1,000 roles in Britain, shut its Solihull plant for two weeks and announced a three-day week at its Castle Bromwich site. Its Chief Executive Ralf Speth warned in September that the wrong Brexit deal could cost tens of thousands of car jobs and posed a threat to production at the automaker. The Tata Motors-owned company, which employs around 40,000 people in Britain and has boosted its workforce at new plants in China and Slovakia in recent years, unveiled plans to cut costs and improve cash flows by 2.5 billion pounds last year including "reducing employment costs and employment levels." Those cuts will be "substantial" and run into the thousands, the source told Reuters. "The announcement on job losses will be substantial, affecting managerial, research, sales, design," said the source, who spoke on condition of anonymity, not affecting production-line staff "at this stage." The company declined to comment when contacted by Reuters on Thursday. Ford also said on Thursday it will cut thousands of jobs in Europe, exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort aimed at improving profit margins in the region. Brexit warnings JLR, which became Britain's biggest carmaker in 2016, had been on course to build around 1 million vehicles by the turn of the decade, reported on Thursday a 4.6 percent drop in full-year sales to just under 600,000 vehicles. Demand in China, which had once been one of its strongest countries but has since been hit by a slowdown, fell by 21.6 percent, the biggest drop of any of its markets. "The economic slowdown in China along with ongoing trade tensions is continuing to influence consumer confidence," said Jaguar Land Rover Chief Commercial Officer Felix Brautigam.

2018 Jaguar I-Pace hits the Nurburgring in all its electric glory

Jaguar is continuing development work on the I-Pace, its first all-electric model set to arrive in 2018. Today we're getting fresh spy shots of the svelte crossover being unloaded for testing at the Nurburgring, and the I-Pace looks almost identical to the concept model and a prototype we spied earlier this year. It's expected to debut next fall at the Frankfurt Motor Show. Despite wearing Slimer-green camouflage, the I-Pace's curves and creases are evident. It's fronted by a prominent grille that's mainly for looks, angled headlights, and short overhangs. Obviously, Jag wants you to know it's working on an electric car, as the test mule wears the hashtag #jaguarelectrifies on the sides and #ipace on the hood. Subtle. Jaguar hasn't confirmed US specs, but based on the concept car the I-Pace generates 400 horsepower and 516 pound-feet of torque to all four wheels from a 90-kilowatt-hour lithium-ion battery pack. The crossover can hit 60 miles per hour in 4 seconds and has an expected range of 220 miles. Jaguar is investing in electric technology, though it's also looking to diesels and smaller-displacement four-cylinder engines as part of its future powertrain strategy. On Monday, the company confirmed plans for a 296-hp turbo four-cylinder that will be offered in the 2018 XE, XF, and F-Pace, as the well-received Ingenium engine family expands. In Jaguar parlance, the "Paces" are crossovers: The F-Pace is a midsize utility vehicle. The E-Pace is a compact crossover, and the I-Pace is an electric crossover. Try to keep up. Related Video: Featured Gallery 2018 Jaguar I-Pace View 10 Photos Green Spy Photos Jaguar Crossover jaguar i-pace

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.