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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.

Autoblog Podcast #327

New York Auto Show, Jim Farley interview, 2014 Chevrolet Silverado fuel economy, Ford fuel economy app challenge
Episode #327 of the Autoblog Podcast is here, and this week, Dan Roth, Zach Bowman and Jeff Ross talk about this year's New York Auto Show, Chevrolet's latest assault in the pickup truck fuel economy battle, and Ford's reward for developing a better fuel economy app. Dan also has an interview with Ford's Jim Farley about the future of Lincoln. We wrap with your questions and emails, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Keep reading for our Q&A module for you to scroll through and follow along, too. Thanks for listening!
Autoblog Podcast #327:

How and why Jaguar designed an electric SUV

Adrian Belew, front man of famed progressive rock band King Crimson and collaborator with Bowie, Zappa, and the Talking Heads, released a prescient song in 1982, but we didn't know exactly how prophetic it was until this week. The song was titled Big Electric Cat, and its lyrics seemed to predict nearly 35 years ago the unveiling of Jaguar's first all-electric vehicle, a production-ready crossover concept with the not-so-ingenious name, I-Pace. She arrives like a limo/Smooth and moving/On the prowl through the crowd/To the beat of the city/She glows in the dark/Wherever she parks/Concrete crumbles and the night rumbles. At first glimpse of the I-Pace, you may not have precisely the same feeling of disintegration as the roadbed Belew mentions, but there is no denying that the new Jag is important for the brand. Flush with investment from its corporate overlords at Tata, the company is on its most robust product offensive ever, rounding out its lineup to become a full-range manufacturer, investing in autonomous driving and projective head-up technologies, nearly doubling global sales, and now going electric. "This is probably the most important car since the E-Type, I really mean that," says Jaguar director of design Ian Callum. "And when we get this car out into production and it gains recognition and popularity, I think history will show it's a significant step for the brand. Not only because we're embracing the future, quite openly and honestly, but because we're going to beat the rest of them. Tesla is there already, but none of the rest." As a challenger brand – one not in the top of mind consideration set like rivals at Mercedes, Audi, or Lexus – Jaguars are made or broken on this kind of differentiation. The I-Pace is certainly distinctive, and looks like nothing else on the road. Like many contemporary Jaguars, its rear three-quarter view is its most compelling, with the slender half-round taillights inspired by the legendary E-Type that were first revived on the F-Type and have since become a signature. But here, the rear end is shaved off and in an angular concavity that seems an effort to take as much mass as possible out of the back, and one that echoes elsewhere on the vehicle: in the scalloped sides, in the continuous path of glass from the base of the front windshield to (almost) the base of the rear liftgate. But especially in the foreshortened and deep-nostriled hood.