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Jaguar Land Rover won't get a bailout from the UK

Bailout talks between Jaguar Land Rover and Tata Steel with the UK government have ended, leaving both firms to rely on private financing to overcome the impact of coronavirus on business, the Financial Times reported on Friday. The report said that talks for an emergency funding fell through as Jaguar Land Rover (JLR) did not qualify for taxpayer support. It is the luxury car unit of India's Tata Motors and Tata Steel, both owned by Indian conglomerate Tata Group. The bailout plan, titled "Project Birch", had been authorized by Finance Minister Rishi Sunak in May to rescue companies that are seen as strategically important, with the Treasury saying it may step in to support crucial businesses on a "last resort" basis after other options run out. The report, citing a source familiar with the matter, said that the funding scheme became infeasible for Tata as it imposed strict conditions on any lending. "Tata Steel remains in ongoing and constructive talks with the UK Government on areas of potential support," Tata Steel said in an emailed statement. The UK Treasury said it would not comment on individual companies. Tata Motors did not immediately respond to request for comment. Related Video: Earnings/Financials Government/Legal Jaguar Land Rover

Jaguar Land Rover parent Tata posts a loss over coronavirus

BENGALURU — India's Tata Motors posted a wider loss for the September quarter on Tuesday as the COVID-19 pandemic sapped demand in several of its key markets. The global health crisis has hammered sales for automakers worldwide and compounded problems for Tata Motors, which was trying to improve Jaguar Land Rover (JLR) sales amid weak demand and uncertainty related to Brexit. Tata Motors reported a consolidated net loss of 3.14 billion rupees ($42.47 million) for the second quarter ended Sept. 30, compared with a loss of 2.17 billion rupees a year earlier. Retail unit sales at luxury car unit JLR, which rakes in most of the company's revenue, was down nearly 12% for the reported quarter. Tata Motors, however, said it expects JLR sales to gradually improve. "Despite concerns around the risk of a second wave of (COVID-19) infections ... we expect a gradual recovery of demand and supply in the coming months," the carmaker said in an exchange filing. Total revenue from operations fell 18.2% to 535.3 billion rupees. Tata Motors said it was committed to achieving near-zero net automotive debt in the coming years. Shares of Tata Motors ended 1.46% higher on Tuesday while the broader Mumbai market settled 1.03% higher.

550-hp Jaguar F-Pace SVR revealed ahead of New York Auto Show

"I love this car." So said Jaguar designer Ian Callum, quite genuinely, as the Jaguar F-Pace SVR drove onto the stage at the company's new headquarters in Mahwah, N.J. Despite accepting and even embracing Jaguar's decision to produce SUVs, it's quite obvious (because he says so repeatedly) that Callum is still a guy with a lust for high-powered sports cars. The F-Pace SVR melds these two elements to create something he gleefully describes as "ridiculous." Boasting Jaguar Land Rover's now-familiar supercharged 5.0-liter V8, the SVR produces 550 horsepower and 502 pound-feet of torque. Jag estimates it'll hit 60 mph in 4.1 seconds and a top speed of 176 mph, which will make it one of the quickest and fastest SUVs on the road when it arrives in dealerships this summer. View 15 Photos It's not just the big engine, however. Upgraded mechanical improvements and enhancements include stiffer springs, wider and lighter forged alloy wheels (21- or 22 inches), bigger brakes (15.5-inch front, 15.6-inch rear), an electronic active rear differential, a variable active exhaust that's 14.5 pounds lighter than the standard one, and specially tuned software for the adaptive suspension, electric steering, eight-speed automatic, all-wheel drive and Dynamic Driving Mode. Callum's team also massaged the aerodynamics with larger air intakes, rear bumper side strakes, and fender vents that lower pressure in the wheel arches to reduce lift and increase cooling. A unique hood features vents designed to, well, vent hot air from the engine compartment. There are also wheel arch extensions and lower body moldings to create a more muscular appearance, while the rear sees fat quad tailpipes that one would assume should bark and burp like any good Jaguar SVR. Inside, there are thinner, light-weight sport seats done up in snazzy quilted leather. The rear seat also gets sportier seats with a similar fixed headrest design as those up front. The pistol-like sport gear selector shifter, as used in the Jaguar F-Type, replaces the standard rotary shifter design. It still takes up way too much room on the center console. Pricing starts at $80,985. One would assume Mr. Callum will gets his for less than that. Related Video: