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Year:1988
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GM, Audi, Jaguar halt Russian sales amidst ruble's collapse
Fri, Dec 19 2014The value of Russia's ruble currency has sunk like a stone tossed in the Volga for much of the year, losing over 40 percent of its worth since June. The change is having bizarre effects on the auto industry there and leaving some automakers scrambling to adjust. According to Bloomberg, Russians are buying up luxury goods including automobiles at the moment to have a physical investment in case the ruble sinks further. However, with the money worth so little, the companies aren't making much from these transactions. Things are so dire that several automakers are temporarily ending deliveries until the situation stabilizes. According to Bloomberg, General Motors stopped sales on December 16 with no set date to start again. Audi did the same thing but with the intention to resume once it has adjusted model pricing. Jaguar Land Rover terminated business until December 19 to see how things changed. Toyota is increasing its pricing, as well, but keeping business open at the same time. Some automakers have subtly been reacting to the slumping Russian auto market all year. The moves have included Volkswagen cutting production by 30,000 units from its factory in Kaluga. Ford also got rid of 950 workers from two plants due to low demand. Some analysts have even speculated that the contracting industry and possibility of lower import duties into the country could cause companies to end their manufacturing in Russia completely.
Why Land Rover's reluctant to show concepts: Chinese clones
Thu, Oct 19 2017While the Chinese auto industry continues to grow and expand with new and original products, a number of automakers still refuse to play by the rules. Rather than coming up with original designs, these automakers shamelessly copy designs from other automakers, slapping their badge on the front as if it were an original product. According to Auto Express, Land Rover has grown tired of dealing with these frauds to the point that it's essentially stopped showing concept cars in order to stave off these clones. One of the most notable and brazen examples of these Chinese copycats is the LandWind X7. While that car looks like an obvious ripoff of the Range Rover Evoque, complaints by Jaguar Land Rover were dismissed, and the X7 hit the market for about a third of the price of the Evoque. Further efforts by JLR have done nothing to halt or change the car's production. It seems Chinese authorities are more interested in protecting the home team than upholding copyright laws. Land Rover design boss Gerry McGovern said the automaker was "wary of showing new concepts" because they just give these competitors time to work up a copy. Land Rover's latest model, the Velar, debuted in Geneva in production form. Skipping concepts may not stop competitors from making copies, but it does give Land Rover a huge head start when it comes to production. Related Video: Featured Gallery Production LandWind X7 News Source: Auto Express via Road & Track Design/Style Government/Legal Jaguar Land Rover SUV Concept Cars Luxury jaguar land rover
Tata to shed 1,100 Jaguar Land Rover jobs after coronavirus hits earnings
Mon, Jun 15 2020BENGALURU — 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)