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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.

Thieves stole $3.7 million worth of Jaguar Land Rover engines

This past Tuesday was not a good one for Jaguar Land Rover. According to British news source Birmingham Mail, just over $3.7 million worth of engines were stolen from the company's factory in Solihull, England. Reportedly, the thieves drove up to the facility in a stolen semi-truck, found a trailer full of engines, hooked it up, and drove off. The thieves did this twice in one night, with the same truck, and got the first trailer in just six minutes. Perhaps more shocking is that Birmingham Mail reports this is the second time a theft of this type has occurred at the facility. The previous time happened in almost exactly the same way, but the engines taken were valued at just over $1.2 million, and five people were convicted of the crime. Currently, local police are looking for the latest suspects and the engines. The trailers were found, but were empty. We got in touch with a Jaguar representative who provided us the company's official statement: "We can confirm that we are working closely with West Midlands Police to investigate the theft of engines from the Solihull manufacturing plant. A reward is on offer to anyone who has information which leads to the successful recovery of these engines. It would be inappropriate for us to make any further comment whilst this investigation is ongoing." This was the only statement he would provide, and didn't provide answers as to what engines were stolen and if there would be any impact on manufacturing or vehicle deliveries. But if you're in the UK, and you've got a tip, let the cops know. Related Video: Related Gallery 2017 Jaguar F-Pace View 46 Photos News Source: Birmingham Mail, JaguarImage Credit: Jaguar Plants/Manufacturing Weird Car News Jaguar Land Rover Luxury jaguar land rover

Jaguar crossover won't be based on Evoque or have off-road chops

Jaguar's long-rumored crossover won't be built on the same platform as the Land Rover Range Rover Evoque, says the Australian site Car Advice. The future of the new CUV remains uncertain, but if Jaguar does dip its toes into the SUV/crossover pool, though, the new vehicle will likely be a car-based soft roader, lacking (or perhaps more appropriately, not needing) the off-road-engineered chops inherent in Land Rover's small CUV platform.
Jaguar product planner Steven De Ploey explained to Car Advice, "There's many groups around the world [platform sharing] - obviously Volkswagen Group is doing it all the time - but I think we have to be careful. He added, "Jaguar is something quite different... It's about capability, but very much on-road focused capability." That seems to gel with our suspicions that the XQ, as it's expected to be called, will share its platform with an upcoming small Jaguar sedan, the oft-rumored X-Type successor.
Still, we'd recommend taking any mention of a Jaguar crossover with a grain of salt. Based on many of the (quite compelling) statements made by De Ploey against a Jag crossover and previous statements made by Jag's design boss, Ian Callum, the case against a leaper-bearing crossover seems strong. If a high-rider were to arrive from Jaguar, though, the article insinuates that it'd be more in line with the BMW X6 or upcoming X4 - sort of a coupe-based crossover. Like we said, grain of salt. If a Jag crossover is going to arrive soon, the upcoming Frankfurt Motor Show is the most likely locale for its debut. We'll find out in a few weeks.