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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 F-Type Coupe proves sexy can't be disguised

Jaguar's new F-Type is a pretty potent little pouncer. And while we do love a good roadster, many of us at Autoblog are perhaps more excited about the upcoming hardtop version of Jag's stylish new entry-level sports car. Why? Because even here in heavily camouflaged prototype form, the thing looks really, really good - the sleek roofline blending rather nicely into the F-Type's shapely rump, allowing for better distinction of its pronounced hips over the rear wheel wells.
Mechanically speaking, the F-Type Coupe should be identical to its droptop sibling. That means the supercharged 3.0-liter V6 and 5.0-liter V8 engine lineup should carry over unchanged, though we've heard rumors about a four-cylinder application as well. There's also talk of hotter R, R-S or R-S GT models coming down the pipeline, and based on what we've experienced in things like the XKR-S, we certainly can't deny the allure of such a model.
It's unclear exactly when Jaguar will show the production F-Type Coupe (at the Frankfurt Motor Show, perhaps?), but the car is expected to go on sale sometime in 2014. Check it out in our latest spy gallery, above.

Leno and Ian Callum pilot Jaguar XK120 at 2014 Mille Miglia

Jay Leno has been in a British mood recently with his videos highlighting the McLaren P1, 1962 Norton 650SS and Steve McQueen's 1956 Jaguar XKSS. He's keeping the streak alive this week with a look at driving a Jaguar XK120 in the 2014 Mille Miglia historic rally with Jaguar Design Director Ian Callum.
The video show off Jay Leno's Garage in top form. It's way more than just Jay driving the 1,000-mile route from Brescia, Italy, to Rome and back. He also includes interviews with Stirling Moss about winning the race back in 1955, and racer Martin Brundle about what it's like to drive a long-nose Jaguar D-Type this year.
Today, the Mille Miglia is only for historic cars, and it has a much more relaxed pace than the original all-out event. However, this isn't entirely a cruise. Leno seems scared at times talking about it because the drivers are free to ignore the speed limits and open the cars up as much as they are willing to. The roads aren't shut down for regular traffic, either, and things can be dangerous.