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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.

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

Carlex Jaguar XJ Coupe restomod is neither British nor understated

The Jaguar XJ Coupe was already an unconventional Jag. The dramatically long two-door was built on a Series II sedan chassis and kept most of the styling in tact, just losing two doors and gaining a whole lot of subtle elegance. However, the customizers at Carlex Design have created an XJC that takes things to the next level (and maybe a few levels beyond that). Based in Poland, Carlex has a history of cranking out modified vehicles for well-off clientele. Past projects have included a race-inspired Land Rover Defender, a yachting-inspired Mercedes G63, an aggressively styled Hyundai Santa Fe, and a gargoyle-esque Ford Ranger. The Jaguar XJ Coupe is clearly a favorite, though. The newest XJC takes the British classic and gives it racier look. De-bumpered and widened with blister flares, it evokes a touring car racer from back in the day. Actually, it's more accurate to say this is what a modern restomod inspired by a fictional 1970s race car would look like, as the real XJ Coupe race cars didn't quite look like this. That's because the wheels are gigantic, big enough to bathe a medium-sized dog in. No in-period race car would have had saucers that large. And while the side view maintains faithful to the classic, its face betrays its era. Circle to the front end and LED headlights and afterburner-style high beams complete the Jag's four-eyed gaze. The original's elegant grille has been replaced with a toothy maw that would look more at home on a SEMA Jeep. Underhood the Carlex sports a V8 (of unspecified origin) delivering 400 horsepower. The company says its brakes are new, and that suspension and air conditioning are suitable for everyday use. The interior has been upholstered in what Carlex calls hand-aged leather. The deep brown color gives it the feel of a mahogany-walled boardroom. Aside from the fluting everywhere, the interior is fairly clean, and less busy than the original XJC's. If we had to pick we'd go with the unflared body of Carlex's old XJC design, but replace its Kardashian-designed dash with this one. Carlex didn't disclose price or production run, but only that a few examples would be built each year. Or, you can try to find one of Jaguar's original XJ Coupes, which were only produced between 1975 and 1978, with a run of fewer than 10,000 units over the four-year span. Given its obscurity it's kind of a strange car to restomod, but perhaps we in the U.S.