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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.

Range Rover versus Mercedes-Benz: Which makes a more appealing SUV?

From time to time — truth be told, all the time — the Autoblog staff enjoys a good debate on the merits and demerits of the cars and trucks we drive each week. This week, we spent some time in a brand-new Land Rover Range Rover Supercharged SUV, a model some of us think sits at the pinnacle of the luxury utility vehicle segment. Others disagree. The following is a real-life online debate that took place over the course of a few hours. Have a read, and feel free to take sides. There's a poll at the end so you can make your voice heard. Consumer Editor Jeremy Korzeniewski: Strange as it may sound, Jeremy Clarkson and I have a few things in common, most obvious of which is that we share a given name. But we also both love cars so much that we decided to turn our automotive passion into a career — with varying degrees of success, of course — and we both have come to realize over time that there's no point in trying to topple the Land Rover Range Rover as the world's best luxury off-road utility vehicle. Thing is, this universal truth isn't quite as universally shared as I think it should be. In fact, my esteemed colleague Alex Kierstein believes that Mercedes-Benz makes the most desirable four-wheel-drive off-road vehicles. He's clearly wrong, but I feel obligated to let him explain his choice, though it won't go without a rebuttal. Senior Editor Alex Kierstein: That's correct, and so am I in this regard. I'm sorry, Jeremy, but it's an irrefutable fact that Mercedes-Benz is doing the best interiors in the business now. And the interior is where you're going to spend most of your time, at least when the thing's running. The Range Rover's interior simply isn't as special, and frankly it'll be in the shop enough that you won't enjoy it. Now, stepping into pretty much any contemporary Mercedes sedan interior is a "wow" moment. They seem special — posh, exclusive, luxurious. The SUVs, all older vehicles coming due for total redesigns at some point in the future, are lagging a bit, but it's still a premium and upscale experience. Especially since performance is almost academic at this point. Anything in this class is going to be powerful, almost absurdly so. So why not go for the one that makes you feel like royalty, rather than your mechanic? JK: I just want to point out that it was you who brought reliability into this discussion.

Could Jaguar become an EV-only brand?

Just yesterday we wrote about the Heisenbergian uncertainty surrounding the future of the Jaguar F-Type. A new report in Autocar prompts us to consider extending that ambiguity to the entire Jaguar brand. The UK magazine reports the automaker's product planners have devised a ten-year plan to switch to a pure EV lineup of cars and crossovers. According to Autocar's sources this is a planning exercise and doesn't have the green light, but it's "fairly advanced" and has adherents inside the company. The first shot fired would be an all-electric XJ replacement. That sedan, a "no-holds-barred luxury car" to challenge the Tesla Model S and Porsche Taycan, would provide emissions-free motoring before the Mercedes-Benz S-Class and BMW 7 Series come with their EV propositions. Around 2023, an EV crossover a touch larger than the full-sized Audi E-tron would replace both the XF and XE sedans. Two years later, a new mid-sized I-Pace would debut as both the F-Pace and E-Pace fade out. And two years after that, around 2027, the J-Pace luxury crossover would sigh its last ICE gasp. And what about the F-Type? The report says "with no replacement for F-Type in the works," an electric sports car "is also a possibility." There's no mention of the XK revival. Right now, Jaguar sells seven models - four sedans and three crossovers. As the Autocar article's written, come 2027 Jaguar would have an electric XJ sedan, a full-sized EV crossover, the I-Pace, and perhaps an electric sports car. That's a brave new world - one we're not sure Jaguar dealers could survive in. Problem is that Jaguar and its dealers are having plenty of problems now. Chinese-market volatility, the cloud around diesels, and Brexit uncertainty have contributed to a sales slump so dire that Jaguar's Castle Bromwich plant is going to a three-day week for the rest of the year. The sales flu has spread to Land Rover, too, the brand's Solihull plant closing for two weeks to realign dealer inventory. Considering all that, and with no easy relief in sight, the product planners are apparently debating whether a new, traditional three-model sedan range is worth the investment. The upside of going all-electric is said to be higher sales, with internal estimates supposing 300,000 units annually. Last year Jaguar sold 178,500 units. The marque could rake in larger profit margins on those sales, too, thanks to premium buyers being ready to shell out big ducats for EVs.