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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 is developing an electric car to join I-Pace crossover

NEW YORK — Straight from nabbing the World Car of the Year award at the New York International Auto Show for the new 2019 I-Pace electric crossover, as well as publicly unveiling the 2020 XE sport sedan, Jaguar's design chief says the brand is also developing a car with a fully electric powertrain. "We are doing more battery cars at Jaguar, yes," Ian Callum told Autoblog. "That's all I'm saying." Callum wouldn't divulge further details except to add, "When you're doing electric cars, they're new cars. They're not just batteries put in an old car. You can't do that." Jaguar has been rumored to be planning a potent all-electric version of the XJ based on its flexible new Modular Longitudinal Architecture. Jaguar Land Rover has said that it plans to offer each new or significantly redesigned model in electrified variants starting in 2020. Land Rover is also showing a mild-hybrid version of the 2020 Range Rover Evoque and 2019 Range Rover Sport, plus plug-in hybrid variants of the 2020 Range Rover and Range Rover Sport. In addition to being named World Car of the Year, the I-Pace took home World Car Design of the Year and World Green Car of the Year. The F-Pace, the brand's flagship SUV, won World Car of the Year in 2017. Callum also said he believes that sedans have a future, even as he acknowledged the importance of SUVs as the brand's volume-selling "breadwinners." Jaguar is an increasingly rare breed of automaker with more cars, at four [the F-Type, XE, XF and XJ] than SUVs [the I-Pace, E-Pace and F-Pace]. "The vehicle mix is the right balance," he said. "I personally don't believe that sedans are going to disappear. People will continue to go with sedans. The range you see currently will be eventually replaced by like-sized cars. That's all I can say about that at the moment, but the XJ will be replaced, and eventually the XE and XF will be replaced. I really believe the cars are here forever, I don't think they're going to disappear in favor of SUVs."

Jaguar 3 Series-fighter to spawn coupe, wagon

With its sights set on the BMW 3 Series, Jaguar could be planning a full range of models for its upcoming entry-level car - possibly called the XS. We've already seen spy shots of the four-door version of this all-aluminum baby Jag, but according to Auto Express, the automaker will also offer the car in coupe and wagon variants.
The XS sedan should hit the market in 2015, and the coupe and wagon models are expected soon after that. Speaking with Jag's global brand director Adrian Hallmark, AE says that the XS will be focused on styling with a design similar to the recently introduced C-X17 crossover concept. Hallmark also said that the addition of the XS lineup could help Jaguar double its sales, which were at 357,773 global units in 2012. Head on over to Auto Express for some speculative renderings of the XS coupe and wagon.