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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.

Jaguar C-X17 crossover concept revealed, hides new lightweight aluminum architecture

Just as Jaguar teased earlier this month, the luxury marque is debuting its first-ever sports crossover concept at the 2013 Frankfurt Motor Show, which begins this week. In addition to previewing what a soft-roading Jag might look like, the C-X17 concept also showcases the brand's new advanced unibody aluminum architecture, which it calls the future of its brand.
The British automaker touts the new technical foundation as high-strength, lightweight and extremely stiff, and notes that it incorporates sustainable technologies such as a high-strength alloy made from recycled raw material. The architecture's flexibility means Jaguar will be able to simultaneously manufacture several vehicles on the same production line - a change that will ultimately help the automaker grow its product portfolio.
Indeed, if the C-X17 concept sees production, it would represent a completely new direction for Jaguar, which has previously focused on luxury sedans and sports cars. However, while Jaguar says a range of future models will be built using the new architecture, it hasn't yet mentioned a crossover. The first model to be built on the new underpinnings will launch globally in 2015, and it's - you guessed it - a premium midsize sedan.

1964 Jaguar XKE slinks into Jay Leno's Garage

The idea of altering a classic Jaguar E-Type might seem preposterous to some, but Jasen Len of XKs Unlimited managed to create a modified 1964 E-Type that stays true to the Jag's timeless design. Just a few months after Jay Leno featured his own original E-Type on Jay Leno's Garage, Len stopped by to show off his custom Jaguar creation.
Starting out with a rust-ravaged body, Len made the car just the way he wanted it to be. He started off with some minor changes to the car's exterior like the Le Mans-inspired racing lights and handmade front bumpers, handmade sills with integrated exhaust and flared rear fenders. Inside, he dropped the floor to make more interior space and reworked the E-Type's styling for more of a modern look. We have to say, if you're going to mess with a Series 1 E-Type, this is the way to do it.
Sadly, even though Len and Leno spend plenty of time talking about the car's 300-horsepower 3.8-liter inline six-cylinder, we never get to hear the car fire up. Check out the JLG video, which is posted below, and as a bonus, enjoy the gallery from Jaguar showing a 1961 E-Type.