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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.

Jaguar F-Pace SVR to debut this week at New York Auto Show

It should come as no surprise that the folks back in England have been working on a hot new version of the Jaguar F-Pace. Today, just ahead of the 2018 New York International Auto Show, the British automaker confirmed that the Jaguar F-Pace SVR will debut this week. The new Jaguar I-Pace and Range Rover SV Coupe will make their North American debuts alongside the F-Pace. All we know about the F-Pace SVR is that it will be the fastest and most powerful version of Jaguar's best-selling product. We don't even have a teaser photo, as Jaguar Land Rover loves to play things close to the vest, so we're sharing some spy photos that we think might be the new model. Expect some version of JLR's 5.0-liter supercharged V8. We're hoping it's the 575 horsepower variant from the refreshed Range Rover Sport SVR. Expect 0-60 mph times in the low-4-second range and a top speed of at least 155 mph. The I-Pace and Range Rover SV Coupe both debuted earlier this month at the 2018 Geneva Motor Show. The I-Pace is an all-electric crossover with an estimated 240 miles of range. The SV Coupe is a limited-production two-door variant of the full-size Range Rover. It's meant to be a throwback to the original two-door Range Rover Classic. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Driving the GMC Canyon, and pour one out for the Camaro | Autoblog Podcast #812

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. They start by discussing the the cars they've been driving, including the 2023 GMC Canyon AT4, ECD Jaguar E-Type EV, ECD Land Rover Defender 110 and the Genesis GV60. Next, they hit the news starting with the Chevrolet Camaro production ending. Rumors about the Hyundai N Vision 74 are bandied about, and then the two discuss the latest McLaren iteration named the GTS, which is a refresh of the GT. Lastly, the pair discuss who they think were the most influential leaders in the automotive industry throughout 2023.  Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #812 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 GMC Canyon AT4 ECD Jaguar E-Type EV ECD Land Rover Defender 110 2024 Genesis GV60 Performance AWD News Chevrolet Camaro productions ends The Hyundai N Vision 74 might reach production McLaren GTS revealed These were the most influential leaders in the automotive world in 2023 Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Aftermarket Green Plants/Manufacturing Podcasts Chevrolet Ford Genesis GM GMC Hyundai Jaguar Land Rover McLaren Technology Truck Convertible Coupe Crossover SUV Electric Luxury Off-Road Vehicles Performance Supercars