Jaguar Xk8 Convertible on 2040-cars

Auto blog

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.

2019 Jaguar I-Pace Review: The EV age is approaching

It feels like we're anxiously inching up the initial mountain of a roller coaster track – click, click, click. On the other side is a massive plunge into a widespread electric future where EV's aren't just acceptable alternatives to gas-powered cars, they're superior. There's indeed a veritable train of luxury EVs coming soon, clicking up that track, but the 2019 Jaguar I-Pace is the first from a big-name luxury brand to crest it, providing that first tinge of anticipation for the ride to come. It's wildly fun, surprisingly practical and a more polished product than the perpetually rough-around-the-edges Teslas. It also reimagines what Jaguar can be while also staying true to key elements of its past and present. Driving the silky, effortlessly torquey old Jaguar XF Supercharged was intoxicating, and so is the I-Pace, albeit it in a different and indeed superior all-electric way. Its torque flattens you into the enveloping sport seats slathered in red leather, yet it's responsive without feeling overly caffeinated or neck-snapping. Like other Jaguars, it also provides a little audible pomp to the driving experience. It's no barking F-Type R, but its Active Sound Design system pipes into the cabin a deep, purr-like noise when in Dynamic mode that, if not exactly akin to an actual exhaust system, is much closer to it than the usual high-pitched electric motor whine (you can hear it in the accompanying video). Jaguar recognizes that we expect noise and g-forces to go together. And that goes for g-forces in a straight line as well as around corners. The I-Pace resolutely sticks to even marginal pavement like – well, I've already used the roller coaster metaphor above, so what the hell? – it's on rails. It has the perfect recipe for astonishing grip: all-wheel drive; sticky summer tires on 20-inch wheels pushed to the corners; a heavy battery mounted low and in the middle of the chassis; a 50:50 front-to-rear weight balance; and an available adaptive air suspension that constantly adapts to the road. Oh, and it was engineered by Jaguar, a company widely renowned for its superior-handling cars and SUVs. Steering feel could perhaps be increased a smidge, but through the wheel and the seat of your pants, you do experience what the I-Pace is doing. That adaptive suspension also sops up bumps shockingly well (another Jaguar trait) despite those pretty 20-inch wheels adding some impact harshness (ditto).

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.