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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

Jaguar-based Eagle E-Type Low Drag GT makes its bid for most beautiful car ever with EVO

The Jaguar E-Type is one of the icons of automotive design, and British company Eagle has made a business out of restoring, upgrading and building their bespoke versions for the last 30 years. It does for the E-Type what Singer does for the Porsche 911 - takes an already great classic car and updates its mechanicals for the modern age.
The firm's latest creation, the Low Drag GT, might be its greatest ever, at least according to editor Henry Catchpole in Evo magazine's latest video. The car takes its inspiration from a trio of low-drag E-Type coupes built in the 1960s, but thoroughly modernizes the concept. The engine is based on Jag's inline-six, but made from aluminum and bored out to 4.7 liters to produce 346 horsepower and 360 pound-feet of torque. Catchpole says it's enough to propel it to 60 miles per hour in about 4.5 seconds. The body, transmission and differential are all also made from aluminum to cut the weight to 2,288 pounds, and modern upgrades include Ohlins dampers, AP Racing brakes and even extras like concealed GPS navigation and an Alcantara headliner. There's more head- and legroom than the originals, too.
Each car is built bespoke for each buyer, so prices vary, but Catchpole says the one he is in would run about half the cost of a LaFerrari - around $700,000.

Editors' Choice: Top Five 2015 Frankfurt Motor Show Debuts

Consider the 2015-16 auto show season officially kicked off. The Frankfurt Motor Show offered a great look at the newest crop of production cars and conceptual machines, and brought some old favorites back into the spotlight for a closer look. (The Alfa Romeo Giulia, for example, debuted in June, but this was the first time most of us saw it.) Now that the dust has settled and we're all on flights back to the US, our editors cast their votes for their personal favorites from the Frankfurt show. These are the cars we truly loved seeing the most. But unlike other shows, there was no one runaway winner – all of the Top Five received positive praise from our team. We won't spoil the results, though. Scroll down to see what we liked most from this year's Frankfurt expo. 5th Place – MERCEDES-BENZ IAA CONCEPT View 12 Photos MIKE AUSTIN: The clean lines on this concept have me excited for a more elegant beauty to future Mercedes-Benz vehicles. Next to the Concept IAA, the lovely S-Class Coupe looks like an overstyled barge. DAVID GLUCKMAN: Yeah, the extendable rear is neat and all, but I'm more interested in the front-end styling of this one. It looks like the Tron version of a 300SL, in a good way. I'm hopeful it portends the future of Mercedes design. STEVEN EWING: I was super impressed when Mercedes said that, with the rear end extended, this concept has a drag coefficient of just 0.19. That's crazy aerodynamic. I'm not head-over-heels about the styling, but I think the lessons learned from this concept are really important, and will play a huge role in the future of Mercedes' products. 4th Place – ALFA ROMEO GIULIA View 15 Photos SEYTH MIERSMA: I can hardly express how in love with this car I am. The styling feels creative, modern, and evocative, without going over the top. The proposed performance is spectacular. And the Alfa badge speaks to a legacy of romantic motoring. DAVID GLUCKMAN: Pretty Italian car makes big promises and will probably deliver on about three quarters of them. I think that will still be enough for me. JEREMY KORZENIEWSKI: I'm really intrigued by the Giulia. It looks great, sounds awesome, and I'm expecting it to have a load more character than its German rivals. I hope I'm not disappointed. 3rd Place – JAGUAR F-PACE View 15 Photos GREG MIGLIORE: It's the first SUV for Jaguar, and I think they nailed the design, capability, and electronics. It's the right car at the right time.