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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

BMW X6 M said to lap the 'Ring in 8:20

Bimmer Today reports that the German rag Auto Zeitung ran an Audi RS3 and a BMW X6 M around the Nurburgring together, and the hotted-up sports activity vehicle came in just five seconds behind the white-hot hatch. Driven by 'Ring regular Horst von Saurma, the RS3 ran its lap in 8 minutes, 15 seconds, and the X6 M ran an 8:20. If those times are accurate, that makes the X6 M the second fastest production SUV on the lap-time list according to Wikipedia: ahead of it is the 550-hp Range Rover Sport SVR, which ran a time of 8:14. That time puts BMW's 575-horsepower, 5,200-pound SUV four seconds ahead of the time registered by the last-gen, 555-hp X6 M, and well ahead of the Porsche Cayenne Turbo S that Sport Auto clocked an 8:34 with. It would not, however, match the predictions that X6 M project manager Herbert Bayerl made for it in an interview with Sport Auto earlier this year. Bayerl said "The new BMW X6 M moves at the level of M3," speaking of the E92 BMW M3 that Sport Auto ran around the 'Ring in 8:05. It is, though, two seconds faster than the E46 M3, which lapped in 8:22. Bayerl called out the Range Rover Sport SVR directly, saying, "We have been traveling much faster in testing and have undercut the time of Range Rover several times," and "We don't need any special attachments to go faster." Auto Zeitung's report on the lap is only for subscribers so we'll have to wait for more official news. For the apples-to-apples comparison we'll be looking forward to Sport Auto's hot lap, then we'll know if the Range Rover has anything to fear. Related Video:

Ford Raptor or Corvette-powered Defender, which would you choose?

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.  Enter this sweepstakes today and get 150 bonus entries by signing up for the Autoblog Newsletter right here! Going around a track at breakneck speeds is exhilarating, but I much prefer leaving the asphalt behind and hitting the trail, which is why my dream garage is filled with vehicles like Land Cruisers, Broncos, Jeeps, Rams and even a lifted Subaru or two. Not to mention the two vehicles pictured above, the Ford F-150 Raptor and the Land Rover Defender. If either of these are in your dream garage, you’re in luck, because Omaze just happens to be giving away both, right now. All you have to do is enter here for the Raptor and here for the Defender. Win a Ford F-150 Raptor or a Himalaya Land Rover Defender - Enter Here Here is a side-by-side of the specs, according to Omaze: Vehicle: Himalaya Defender 110 Crew Cab / 2022 Ford F-150 Raptor 37 Maximum Seating: Four / Five Engine: 6.2-liter Corvette LS3 / 3.5L V6 EcoBoost Maximum Horsepower: 430 hp / 450 hp Maximum Torque: 425 lb-ft / 510 lb-ft Transmission: 6-speed automatic / 10-speed automatic Drivetrain: 4WD / 4WD Exterior Color: Satin Grey / Lead Foot Grey Interior Color: Jet Black / Rhapsody Blue Approximate Retail Value: $210,000 / $83,525 Defender special features: Black exterior roll bars and trim; Black 18” Sawtooth wheels with 35” tires; Wilwood brakes; 3" lift; Black diamond-stitched leather sport seats; MOMO Millenium steering wheel; front and rear matching consoles; Himalaya gauge cluster; Himalaya front and rear bumpers, bed-mounted tire carrier, and extended fender flares; Puma hood; LED lighting. F-150 Raptor special features: 0 to 60 mph in 5.1 seconds, 15 city / 18 highway miles per gallon fuel economy, Extended Range 36 Gallon Fuel Tank, 8,200-lb towing capacity, 17” beadlock-capable forged wheels, 37”x12.50 tires; Twin Panel Moonroof; Recaro Front-Seats; B&O Sound System; Fox Racing Shocks. Exterior Looks - Winner: Himalaya Land Rover Defender ThereÂ’s just something about the Defender. ItÂ’s rugged, yet handsome. ItÂ’s got classic appeal yet feels modern. It also has style while appearing to be as strong as a tank.