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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.

2014 Jaguar XKR-S GT takes fiercest feline further [UPDATE]

If there were any car to overshadow the 542-horsepower Jaguar XJR that's coming to the New York Auto Show, this is it. Meet the Jaguar XKR-S GT - a street-legal, higher-performance version of the already hardcore XKR-S that will be headed to North America in very limited quantities. Only 30 will be offered on our continent, with 25 earmarked for the United States and the remaining five going to Canada. The cost of entry? $174,000 when it goes on sale this August.
What that gets you is a coupe that is, without any doubt, ready to attack any racetrack it might encounter. The XKR-S' supercharged 5.0-liter V8 has not been upgraded in terms of power - not that 550 horsepower and 502 pound-feet of torque is anything to sneeze at - but instead, Jaguar focused on tuning the bits of the car that help effectively put all that grunt to the ground. There's a new hood with rows of louvers to aid in engine cooling, and elsewhere on the car's body, you'll find carbon fiber on the redesigned front air splitter, dive planes, extended wheel arch spats, as well as a new rear diffuser, an aluminum front under tray and an absolutely massive wing out back to keep downforce to a maximum.
Underneath that hot body are retuned and height-adjustable adaptive dampers; spring rates have been increased by 68 percent in front and 25 percent at the rear versus a standard XKR-S. Most of the front and rear suspension geometry has been upgraded, larger carbon ceramic brakes have been fitted at all four corners, and wider 20-inch forged alloy wheels are found here, wrapped in Pirelli Corsa tires - 255/35-series rubber in front and 305/30-series stuff out back. There's also a revised active exhaust system, which should only improve the already thunderous roar coming out the back of the Jag coupe, and a faster steering rack has been added for improved agility.

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.