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Jaguar likely moving HQ to Britain's most iconic racetrack

Jaguar Land Rover looks increasingly likely to make Britain's iconic Silverstone race track the automaker's new headquarters. There isn't a final deal in place yet, but the British Racing Drivers' Club, which owns the circuit, plans to have the membership vote on whether the negotiations should move forward, according to Autosport. BRDC leaders already presented the plan to members, and they were open to the idea. "The response was favorable so we will now set up an EGM for the members to vote and give the board a mandate to proceed with the deal and continue with the negotiations with JLR," BRDC president Derek Warwick told Autosport. There's no guarantee yet that JLR actually completes the deal. "There's still a lot of work to do to get the deal to where both sides are happy and more importantly what's right for the BRDC and its members." Warwick said. Rumors in early December suggested JLR was among the firms submitting bids to purchase the track, and the automaker allegedly offered 22.7 million pounds ($34.1 million at the time) for it. The company would also reportedly invest nearly $80 million to renovate the site, including adding a museum, experience center, hotel, and offices. The track would still be open for motorsport, too. Silverstone has hosted the Formula One British Grand Prix many times over the decades, and organizers signed a 17-year deal in 2009 to keep things that way well into the future. Series like the FIA World Endurance Championship, MotoGP, and British Touring Car Championship also compete there. Related Video:

Jaguar Land Rover names ousted Renault boss as new CEO

LONDON — Jaguar Land Rover (JLR) has picked ousted Renault boss Thierry Bollore as its next chief executive, with a mission to return Britain's biggest carmaker to profit after a big hit from the COVID-19 pandemic. Bollore took over at Renault in January 2019 after the fall of Carlos Ghosn, but was always viewed as close to the French carmaker's longtime boss and was pushed out in October when the company was looking for a fresh start. Bollore will take over at JLR on Sept. 10, replacing Ralf Speth, whose tenure ends after more than 10 years. "It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation," Bollore said in a statement on Tuesday. JLR was hit this year first by disruption to sales in China and then by lockdowns across Europe and North America as the COVID-19 outbreak spread around the globe. In 2019, it cut jobs to address tumbling diesel sales, which helped it return to profit. But as the pandemic struck, it slumped to a pretax loss of 422 million pounds ($545 million) for the year ended March 31, 2020. The company has already taken steps to tackle the crisis, including agreeing to a loan facility of around $700 million with lenders in China and further staff reductions. JLR is also in talks with the British government over potential support, according to media reports. Bollore takes over a business that built just over 500,000 cars in 2019/20. He faces a number of tasks, including how to handle the Jaguar brand, which underperforms the Land Rover marque, how quickly to electrify its lineup and a potential hit from Brexit if trade barriers are imposed. JLR has a partnership with BMW on electrification, and parent company Tata Motors recently recommitted to the company. "Tata Group recognizes and values Jaguar Land Rover's future potential highly," said JLR Chairman Natarajan Chandrasekaran earlier this month. "That is why this company is central to our global automotive presence – a presence that we intend to develop for years to come." Related Video:         (Additional reporting by Chris Thomas in Bengaluru and Gilles Guillaume in Paris; editing by Jason Neely and Mark Potter)

Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.