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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.

90th Anniversary Edition signals end of Jaguar F-Pace in Europe

Jaguar is gradually paring down its global range of models as it prepares to start from scratch in a bid to move upmarket. After the XE and the F-Type, it's the F-Pace's turn to sign off in many countries. Launched in 2016, the company's first SUV — and one of its all-time best-selling models — will retire from the European market later in 2024 with a limited-edition model called 90th Anniversary Edition. No, the F-Pace isn't turning 90; the name is a reference to nine decades of Jaguar's internal-combustion engines. Based on the R-Dynamic version, the commemorative SUV gets an edition-specific exterior emblem on the hatch and not much else. It features the same blacked-out trim as the R-Dynamic, and Jaguar notes that buyers have several options to choose from including a panoramic roof and tinted windows. Inside, you'll find sport seats for the front passengers, contrast stitching, and aluminum trim. The S, SE and HSE trim levels can be ordered with the 90th Anniversary package, and the SUV is on sale now in several global markets. We won't get it in the United States, however. "We have not announced end of production or the final model year [for the F-Pace on the American market]. [Production of] the F-Pace will continue in our Solihull plant for the foreseeable future," a spokesperson for the British company told Autoblog via email. Now what? We'll need to be patient to find out what's next. Jaguar has announced plans to shift up a notch or two in the industry's pecking order to take on Bentley, among other brands; as it stands, it's positioned on about the same level as BMW and Mercedes-Benz. This bold move will be accompanied by a shift toward an electric-only range of models. Earlier rumors have detailed three models: a sporty sedan aimed at the Porsche Taycan, a more luxury-focused sedan about as long as the now-retired Bentley Mulsanne, and a big SUV aimed at the Bentayga. If everything goes according to plan, the first of these three models will land in 2025 on a new, purpose-designed architecture. Until then, with the F-Pace nearly out of the picture the global Jaguar range will consist of the electric I-Pace, the E-Pace crossover and the XF sedan. Related video: Featured Gallery 2024 Jaguar F-Pace 90th Anniversary Edition, official images Jaguar SUV Luxury

Watch the Jaguar I-Pace live reveal

The day has finally come for the Jaguar I-Pace electric crossover to be revealed, and you can watch as the sheet is pulled off the company's first full EV. The reveal starts at 1:00 p.m. ET, and can be viewed in the embedded video above. The I-Pace was first revealed in concept form in Nov. 2016. Jaguar claimed it had a range of 220 miles, 400 horsepower, and 516 pound-feet of torque. Jaguar has also promised very fast charging at 100kW DC chargers. Apparently it can regain 80% of its charge in 45 minutes at such a charger. Jaguar has claimed this charging capability for the production model, but we have yet to see if the power and range numbers held up. Jaguar will also run a one-make I-Pace race series alongside Formula E. We'll see if any further announcements are made about the racing version of the car and the series. Related Video: