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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.

Jaguar F-Pace V6 reminds us why we love supercharged engines

There are many things we like about our 2018 Jaguar F-Pace long-term car, as well as some things we don't care for, but easily one of the best things about it is the engine. Under the hood is the 380-horsepower supercharged V6 that Jaguar offers on other models. That amount of power would be fun in just about any car with any engine, but there are specific reasons why this particular engine is special, and it's because of that supercharger. Supercharged engines have a very different character than increasingly common turbo engines. One of the most noticeable differences being engine response. Unlike turbo engines, the F-Pace's V6 feels hardwired to your foot. Every extra millimeter of pedal travel yields a slightly greater amount of tug. And the tug is felt immediately. Even the best turbo engines have a hard time recreating this response. The power band is very linear, as well, so you know exactly what you're getting every time you hit the gas. The engine is wonderfully torquey, too. Because the Jaguar's engine uses a classic Roots-type blower, there's a major improvement in low-end torque. This means that our F-Pace has loads of grunt for punting around at low-rpm and can seriously move when tromping on the gas. And because of the near-instant throttle response and linear power band, it doesn't slam you in the back unexpectedly like some turbo engines do. Despite how great these supercharged engines are to experience, we're concerned that supercharged engines like this may disappear in all but ultra-limited production, high-performance cars such as the Chevy Corvette Z06 and Cadillac CTS-V. The reason being that car companies have to keep making cars more fuel efficient and lower emitting. Putting a supercharger on an engine is adding a handicap, since it takes engine power to spin the belt-driven supercharger. And when a turbo, which uses wasted energy from exhaust gas to spin the compressor and built boost, can effectively do the same thing, it's hard to make a case for a supercharger. We won't give up hope completely, though. Mazda is using superchargers on its spark-assisted compression ignition gasoline engines. And while we're not sure how powerful and sporty those will be, Mazda has said that it's going with superchargers for exactly the reasons we like the Jaguar engine: smooth power and fast throttle response.

Ian Callum wanted to call Jaguar's crossover X-Type [w/poll]

Jaguar raised some eyebrows when it announced that it would call its upcoming crossover F-Pace. But the British automaker didn't just pick the name out of a hat. Speaking with Auto Express, Jaguar's design director Ian Callum said the company entertained several possible nameplates for its first crossover, and that he personally advocated for resurrecting the name X-Type. The nameplate was, of course, previously used on the marque's entry-level sedan – the predecessor to the upcoming XE that was based on the front-drive platform of the Ford Mondeo and which was also offered with all-wheel drive. The connection with that much-maligned model is reportedly ultimately what dissuaded the company's marketing gurus from using the nameplate again, even if it might have been more suitable. Another nameplate Coventry reportedly considered was XQ, but the latter letter's use by rival Audi for its crossovers and by former sister company Aston Martin for its personalization range ruled the prospect out for the Leaping Cat marque. Auto Express notes a connection between the name F-Pace and Jaguar's 1960s ad campaign hailing its products as offering a combination of "Grace, Space and Pace." For his part, Callum didn't dismiss the possibility the slogan could could lead to additional models wearing similar nameplates like F-Grace or F-Space. What do you think – did Jaguar pick the right name for its first foray into the crossover market? Share your thoughts in Comments and cast your vote in our poll below.