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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.

Daily Driver: 2015 Jaguar XJL AWD

Daily Driver videos are micro-reviews of vehicles in the Autoblog press fleet, reviewed by the staffers who drive them every day. Today's Daily Driver features the 2015 Jaguar XJL AWD, reviewed by Seyth Miersma. You can watch the video above or read a transcript below. Watch more Autoblog videos at /videos. VIDEO TRANSCRIPT: [00:00:00] Hey everybody, it's your old pal Seyth here with Autoblog. I am in the 2015 Jaguar XJL. That L is for a long-wheelbase. The engine powering this car is the 3.0-liter supercharged V6. My cameras inside probably didn't pick up a lot of that, but the supercharged 3.0-liter does have a nice little growl to it, especially in sport mode [00:00:30] where I'm staying higher in the rev range. It doesn't have that same big, luxurious, meaty, whoofly V8 sound as the naturally aspirated 5.0-liter used to. At 340 horsepower, 332 lb-ft of torque, this engine has everything that you need. I think that they say the 0 to 60 time is around six seconds. Frankly, the car feels a little bit faster even that that. Again, we're talking about a large long-wheelbase car here. What's particularly interesting and [00:01:00] relevant to the weather that you see behind me right now, is that this car is not rear-wheel drive. It is in fact all-wheel drive. Even going into this, knowing obviously that I was in an all-wheel drive car, the first drive really reveals it to handle a lot like a rear-wheel drive vehicle. That's appropriate. That's what you want in a car of this class. Something very luxurious and that has a reputation built on sporting dynamics as opposed to sort of just comfort and refinement. [00:01:30] Jaguar's goal with an all-wheel drive system like this is to make the car still feel very much like a rear-wheel drive vehicle but give you just enough ability to be able to pull out of a corner smartly when the grip is a little bit lower than you'd expect it to be. Obviously if there's some snow on the ground, that's a helpful thing. Or on a day like today, when I'm coming out of a corner on a slightly slippery road, being able to put the power down is advantageous. To be honest, so far the application has been really seamless. The power seems to be [00:02:00] flowing from the engine just to the rear wheels. I feel like I'm getting a little bit of assist, right now I'm entering a corner at a moderate speed and not really slipping at all. It feels like a rear-wheel drive car. I've always loved this XJ.

Seven-figure cars highlight day one of RM's Monterey auction

RM Auctions is one of several houses holding auctions during the Monterey weekend, and Friday night's festivities got quite pricey. Seven-figure vehicles were not at all uncommon during the first day of the two-day event, with the 1953 Ferrari 375 MM Spider, seen above, crossing the block for $9,075,000.
Other big earners included a pair of rare Ferraris, a 1950 166 MM Barchetta and a 1955 750 Monza Spider, which took $3,080,000 and $4,070,000, respectively. Outside of the red Italians, a 1939 Mercedes-Benz 540K Special captured $7,480,000 while a stunning, color-appropriate 1955 Jaguar D-Type took $3,850,000. We've got images of these vehicles, and a few other stunning examples of last night's auction, in the gallery above.
Thought it seems impossible, tonight's auction is expected to see even more high-dollar action. The winner of the 2012 Pebble Beach Concours, a 1928 Mercedes-Benz 680S Torpedo Roadster is expected to command over $10 million. Also crossing the block will be a car we reported on a few weeks back - a supremely rare 1967 Ferrari 275 GTB/4 NART Spyder. One of only 10 in the world, it's expected to take anywhere from $14 to $17 million when it hits the stage tonight.