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Jaguar Land Rover posts profitable quarter amidst big yearly losses

Jaguar has posted its first profit in quite some time, as the financial quarter ending on March 31 brought in a net income of $151.6 million. However, that is the light in the end of the tunnel, as full year results through March showed a $4.58 billion loss (GBP3.6 billion). The losses are again attributable to declining sales in China, with a whiff of the still-lingering Brexit process. While JLR's annual U.S. sales were up 8.1 percent, and U.K. sales improved by 8.4%, overall sales came down 5.8% to 578,915 vehicles. For April, Chinese sales nearly halved as they dropped by 46 percent. Earlier this year, JLR's woes caused its owner Tata Motors to post the biggest ever quarterly loss in Indian corporate history, at nearly $4 billion. JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround. Speth said JLR has already managed to deliver $1.59 billion (GBP1.25 billion) of efficiencies and savings. JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (GBP2.5 billion) of investment, working capital and profit improvements by March 2020, and that it currently has $4.84 billion (GBP3.8 billion) of cash. Speth continued that JLR will "go forward as a transformed company that's leaner and fitter," and that the sustained investment in new products and technologies will drive future demand. There has been earlier speculation of Tata Motors selling JLR to the PSA Group, but as Autocar reports, Tata's financial chief again refuted these rumors. JLR also announced today that its CFO of 11 years, Ken Gregor is stepping down after 22 years with the company, and that he will be succeeded by JLR's Chief Transformation Officer, Adrian Mardell.

Jaguar CEO says people just don't want EVs right now

"Customers are not impressed with it currently." These are the words of one Ralf Speth, CEO of Jaguar Land Rover, spoke at the Automotive News Europe Congress in Birmingham, England. The "it" Speth is referring to is battery technology, which he characterized as "too heavy, too expensive," and with power density that's "too low." That all could go some way towards explaining why the British automaker has yet to bring an electric vehicle to market, why it killed the C-X75 hybrid-turbine supercar project, and why it only recently started offering hybrid versions of its Range Rover models (and has yet to offer them in the United States). That doesn't mean the company won't pursue electric propulsion in the future, though. According to Automotive News Europe, Speth forecasts that "the next generation of batteries will be higher density, lower weight and the cost will come down." What he didn't say, exactly, is when he expects that next generation of battery tech to come around – or when JLR will start to more closely embrace electric propulsion. In the meantime, Jaguar Land Rover will continue investing in research and development. Since Tata acquired the brands from Ford seven years ago, JLR has quadrupled its R&D budget and doubled the number of engineers on staff. Related Video:

Lightweight E-Type to show historic side of Jaguar Special Operations in Monterey

Jaguar has made a lot of great vehicles over the years, but as far as historians are concerned, it still very much lives in the shadow of the original E-Type, small as it was. In its image, Jaguar has made two generations of XK and the new F-Type, but what we have here is the most faithful continuation of the E-Type heritage yet.
Alongside the Range Rover Sport SVR and the F-Type Project 7 (making its US debut), Jaguar Land Rover and its new Special Operations division will roll into Pebble Beach this year with the continuation Lightweight E-Type. Of the 72,500 E-Types which Jaguar built between 1961 and 1975, only a dozen were Lightweight versions, and they remain the most coveted E-Types of all. It originally planned on building 18 examples, though, and five decades later, it's now committed to completing that original production run in faithful detail.
The Lightweight E-Type was based on the standard roadster and was homologated as such, just with some key upgrades to make it lighter and faster. The biggest change, of course, was the lightweight aluminum bodywork that cut 205 pounds off the curb weight. To replicate it, Jaguar took the last example (the only one made in 1964 after the original eleven were made in '63), scanned half its body surface, mirrored it to ensure symmetry and set about reproducing it with the same standard of materials available in the Sixties (and resisting the urge to go with more modern grades of aluminum). 75 percent of the 230 components are made in-house, with the largest stampings outsourced and built on machinery built to Jaguar's specifications off-site.