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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

Jaguar Race Taxis will fling you around the Nurburgring

The Germans have a word, " fernweh," literally meaning "far sickness," that describes a special kind of longing. It's a strange sensation in which you feel homesick for a place that you're in tune with, a place that moves you, but it's a place you've never actually been to before. Someone who loves cars might be drawn that way to the Nurburgring. But if you're traveling to Germany this summer to fulfill that sense of fernweh, how do you experience the Green Hell firsthand? Your rental-car company might frown on you taking matters into your own hands. But Jaguar may have your answer. The Jaguar Race Taxi experience will give you a hot lap around the 13 miles and 73 corners of the Nordschleife in the 575-horsepower Jaguar F-Type SVR and the equally powerful four-door Jaguar XJR575. You'll ride with professional drivers who won't coddle you — Jaguar promises cornering forces of 1.2g. "A ride in the F-TYPE SVR and XJR575 Race Taxi is a thrilling and truly unforgettable experience for any car enthusiast — or anybody who just enjoys going very fast!" says Phil Talboys, JLR's European engineering operations manager. "Our highly experienced professional drivers are veterans of the Nurburgring 24-hour race, making them uniquely qualified to show customers the true potential of these extraordinary supercharged V8 Jaguars." The laps are available until the snow flies in November. Taxi fare is ˆ199 ($236) per lap in either car. You'll be in and out in 30 minutes, counting the safety briefing, the hot lap and a review of the video you'll walk away with. Oh, and there's a weight limit of 120 kilos (264 pounds), so you stockier souls may want to start your diets now. Reservations can be made at the track or online here. The F-Type SVR can take one passenger, and the XJR575 will haul you and two of your screaming friends. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

CMC to produce limited run of Callum's Jaguar Mark 2 [w/video]

We were a more than a little jealous when designer Ian Callum revealed his Jaguar Mark 2 restomod that he commissioned from Classic Motor Cars. It turns out that we weren't the only ones that dug it - the reaction was so great that CMC got Callum's permission to create a limited run of them for customers. Although, with prices quoted between £350,000 and £375,000 ($572,000 - $613,000), we doubt Ian needs to worry about seeing a copy of his creation pass him too soon.
"Within hours we had received calls from people all over the globe asking if they could buy one," said Peter Neumark, Chairman of CMC in the latest announcement. The reaction came as a surprise to Callum, who said he designed the car entirely to his own specifications and actually wasn't sure if people would like it.
Among Callum's many changes are new bumpers, wider front fenders with functional louvers and less chrome trim. Under the hood is a 4.3-liter six-cylinder fitted with two SU carbs putting out around 260 horsepower and 280 pound-feet of torque. It should be a much better driver too, with a completely re-engineered independent rear suspension, adjustable dampers at all four corners, improved brakes and a new rack and pinion steering system designed by CMC with electric assist.