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Jaguar Land Rover to cut $6.8 billion in costs

Jaguar Land Rover reduce costs by $6.8 billion and will push annual production volume to 1 million vehicles under a secret project called Leap 4.5, according to Reuters. The British automaker wants to achieve these ambitious goals by the end of the decade to compensate for the changing market in China and to counteract the price of meeting stricter emissions standards around the world. Leap 4.5 won't mean firing workers or cutting the automaker's $4.5 billion annual research budget. JLR will instead find savings by underpinning more models with modular platforms and by adjusting its supply chain. Future factories like the one in Brazil and the proposed plant in Slovakia also won't be affected by the new strategy. Globally, JLR continues to grow, and deliveries are up two percent through October 2015 to 390,965 vehicles. Business just last month was up 24 percent year-over-year to 41,553 units. However, the auto market's downturn in China has taken a bite out the automaker's success because volume dropped there 32 percent in the third quarter, Reuters reported. A global volume of 1 million vehicles will mean more than doubling 2014's 462,678 deliveries, but JLR has made significant investments to boost production recently. In addition to the future factories, it opened its first plant in China last year and an engine assembly site in the UK. The company also signed a deal with Magna Steyr in 2015 to build an upcoming model in Austria. Related Video:

Check out King Charles III's $17.6 million car collection

King Charles III's coronation will take place in England on May 6, and being crowned a monarch comes with a long list of perks with four wheels. He will gain full access to the Royal Family's fleet of cars, which is valued at about GBP14 million (approximately $17.6 million). The two most expensive cars in the collection are nearly identical: they're a pair of Bentley State Limousine models (pictured) built for Queen Elizabeth II, King Charles III's mother, in 2002. Only two units were made, and they're both part of the Royal Family's fleet, so they're difficult to put a value on; it's not like one is going to end up listed on your favorite auction site anytime soon. British company Nationwide Vehicle Contracts, which compiled the list, estimates that each armored, 245-inch long sedan is worth at least GBP10,000,000 (roughly $12.6 million). Dropping below the eight-digit threshold, the second-most-valuable car in the Royal Family's fleet isn't really a car. It's the Gold State Coach, which Matchbox recently released a 1/64-scale replica of, and its value is estimated at GBP1.6 million (about $2 million). At 275 inches long it's even bigger than the Bentley limousine and it weighs about 9,000 pounds. It's 261 years old and designed to be pulled by eight horses, and has been part of every coronation since 1831. The rest of the Royal Family's vehicles are relatively mundane. There's a 1965 Aston Martin DB6 Volante that Queen Elizabeth II and her husband, Prince Phillip, bought for King Charles III on his 21st birthday. It's worth GBP1 million (about $1.2 million). The collection also includes a Rolls-Royce Phantom VI (about $627,000), a Bentley Bentayga (about $201,000), a Land Rover Range Rover long-wheelbase Landaulet ($133,000), a Jaguar XE (about $41,000), and a Land Rover Defender ($38,000). "Luxury cars have long been associated with the monarch and King Charles III, in particular, is known for his fondness of motor vehicles. His impressive collection features sentimental value with motors passed down from his late mother, Queen Elizabeth II, to cars bought for him by his parents," explained Keith Hawes, the director of Nationwide Vehicle Contracts, in an interview with CBS News. Being at the head of a car-making nation's royal family also comes with drawbacks: Every vehicle in King Charles III's fleet is British.

Lexus leads J.D. Power's Vehicle Dependability Study for 2021

J.D. Power's latest Vehicle Dependability Study is out, and, not surprisingly, Lexus sits at the top for the ninth time in the last 10 years. Right behind Lexus is Porsche, followed by Kia, which is the highest-ranked mass-market brand in the study. Genesis, last year's top-ranked brand (in its first year included in the results), fell from first to eighth, though the G80 sedan did earn an award in its midsize luxury segment. The Porsche 911 was called out as the Most Dependable Model by J.D. Power for the second time in the last three years. The vehicles being studied are from the 2018 model year, which means owners have had three years to get to know their cars and trucks. It's notable that this year's study shows a marked improvement in overall vehicle dependability as tracked by J.D. Power. The overall level of problems, scored by the number of problems per 100 vehicles (PP100), declined by 10% compared to last year.  "The study results validate what we have known for some time," said Dave Sargent, vice president of global automotive at J.D. Power. "Automakers are making increasingly dependable vehicles — but there are still some problem areas that need to be addressed and some warning signs on the horizon." Tesla makes its inaugural appearance on the Dependability Study, though its score of 176 PP100 isn't official. Tesla is the only automaker that has chosen not to grant J.D. Power permission to survey its owners in all 50 states. As we've pointed out in the past, the Vehicle Dependability Study includes eight major vehicle categories grouped by J.D. Power as follows: audio/communication/entertainment/navigation (ACEN); engine/transmission; exterior; interior; features/controls/displays (FCD); driving experience; heating, ventilation and air conditioning; and seats. All issues reported by owners are all tracked equally, which means a problematic phone pairing procedure dings an automaker's rating the same as a blown engine or transmission. And in fact, the ACEN category has more reported problems than any other, which means the majority of problems reported don't lead to a vehicle that leaves its owner stranded. Green Land Rover Lexus Porsche Car Buying JD Power dependability reliability