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Jaguar Land Rover invests $1.5B to build factory in Slovakia

Jaguar Land Rover will invest 1 billion pounds ($1.5 billion at current rates) to build a new factory in Nitra, Slovakia. Construction will commence in 2016, and the site will have an initial capacity of 150,000 vehicles a year when the first of them roll out in late 2018. JLR expects to employ 2,800 people there. JLR won't yet say what vehicle it will build in Slovakia, other than it will be an all-new aluminum model. The 2018 timing for the plant's start of production seems to coincide with the launch of the radically different next-gen Land Rover Defender, though. Earlier reports suggested that JLR also considered locations in North America, particularly Georgia, and Europe for the new factory. However, the company signaled the Slovakia choice earlier this year when it signed a letter of intent with the government there in August. The automaker then did a final feasibility study before committing to the site. The new factory continues JLR's recent manufacturing expansion. The company opened an engine plant in the UK last year and a factory in China. There will also be one soon in Brazil, and it will reportedly bid to buy the Silverstone Circuit as a new headquarters. JAGUAR LAND ROVER CONFIRMS NEW FACTORY IN SLOVAKIA • New world-class premium manufacturing facility confirmed in Nitra • The next stage of the Company's plans for sustainable global growth • Today's announcement also supports long-term investment in the UK Bratislava, Slovakia – Jaguar Land Rover has confirmed that it will be the first British carmaker to open a manufacturing facility in Slovakia. The announcement follows an agreement between the company and the Government of the Slovak Republic to build a new plant in the city of Nitra, western Slovakia. The new world-class GBP1 billion premium manufacturing facility will eventually employ around 2,800 people. Today's announcement follows Jaguar Land Rover's recent confirmation to double its investment in its engine plant in the UK to almost GBP1 billion – the largest injection into a new British manufacturing plant in decades creating several hundred new jobs. Dr Ralf Speth, Chief Executive Officer, Jaguar Land Rover commented, "Jaguar Land Rover is delighted today to welcome Slovakia into our family. The new factory will complement our existing facilities in the UK, China, India and Brazil and marks the next step in the company's strategy to become a truly global business.

Jaguar Classic heading to Le Mans with vintage racers

A grid full of vintage Jaguars will rumble into France in July to race in the Jaguar Classic Challenge during the Le Mans Classic. The event should give motorsport fans plenty to watch with a bevy of pre-1966 Jags on the famous circuit, including E-Types, XKs, C-Types, D-Types, and even the company's sedans. Jaguar launched the vintage racing series last year to build on the success of the popular E-type Challenge. It continues with a five-event calendar this season but swaps out a meeting at Brands Hatch to go to Le Mans – hard to argue with that change. The drivers also get to lap Donington Park, Silverstone, the Nurburgring, and Oulton Park. Le Mans is practically a home track for these classic Jags. The British automaker dominated the 24-hour race there in the 1950s, including overall victories in '51, '53, '55, '56, and '57. "Watching a diverse array of pre-1966 Jaguars racing on the iconic circuit, some of which even raced there in period, will surely be a sight not to be missed," Tim Hannig, Jaguar Land Rover Classic Director, said in the season announcement. Again, we find it hard to argue with that sentiment. Related Video: Iconic Jaguar sportscars will return to the Le Mans circuit as the Jaguar Classic Challenge confirms Le Mans Classic in revised 2016 calendar Race series is part of Jaguar Land Rover Classic business specialising in cars, services, parts and experiences First race commences at the Donington Historic Festival on 30 April - 2 May Drivers wishing to take part in the true spirit of classic racing in 2016 can visit the dedicated web page at http://www.hscc.org.uk/jaguar-classic-challenge for full details Whitley, Coventry - 01 February, 2016: Excitement levels are building for the second season of the Jaguar Classic Challenge as the Le Mans Classic is confirmed for inclusion in the all-new race calendar for 2016. The Le Mans Classic will be one of the major highlights of the forthcoming season that will see a diverse field of pre-1966 Jaguars going wheel-to-wheel in the competitive single-marque series. Jaguar has a long and successful history at Le Mans, with the marque first winning there back in 1951 with Peter Walker and Peter Whitehead driving the C-type - affectionately known as XKC 003. A one-two finish followed this in 1953 with the duo of Tony Rolt and Duncan Hamilton taking overall honours. Jaguar dominated Le Mans for three consecutive years in 1955, 1956 and 1957 in the D-type.

Tata to shed 1,100 Jaguar Land Rover jobs after coronavirus hits earnings

BENGALURU — India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak. Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved. It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from the more than 3 billion pounds it has spent annually in previous years. "Conserving cash and prioritizing capital expenditure, and targeting investment spending to the right areas is our focus," Balaji told reporters, after the company posted a fourth quarter loss. We anticipate that up to 1,100 agency employees will be affected, a JLR spokeswoman said in a separate statement. Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021. The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR. Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31. JLR, which contributes the bulk of Tata Motors' revenues, reported a pre-tax loss of 501 million pounds for the period after it took a hit of 800 million pounds because of the novel coronavirus, Balaji said. He said there were signs sales were recovering in China, one of JLR's biggest markets, as well as in the United States and in Europe, with strong orders for Land Rover's sport-utility vehicle Defender and Range Rover's Evoque. JLR's boss Ralf Speth, who has led the company since 2010, will step down from his role at the end of his contract term in September. ($1 = 76.0446 Indian rupees) ($1 = 0.7954 pounds) (Reporting by Chandini Monnappa in Bengaluru and Aditi Shah in New Delhi; Editing by Shounak Dasgupta and Sriraj Kalluvila)