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Tata to shed 1,100 Jaguar Land Rover jobs after coronavirus hits earnings

BENGALURU — India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak. Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved. It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from the more than 3 billion pounds it has spent annually in previous years. "Conserving cash and prioritizing capital expenditure, and targeting investment spending to the right areas is our focus," Balaji told reporters, after the company posted a fourth quarter loss. We anticipate that up to 1,100 agency employees will be affected, a JLR spokeswoman said in a separate statement. Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021. The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR. Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31. JLR, which contributes the bulk of Tata Motors' revenues, reported a pre-tax loss of 501 million pounds for the period after it took a hit of 800 million pounds because of the novel coronavirus, Balaji said. He said there were signs sales were recovering in China, one of JLR's biggest markets, as well as in the United States and in Europe, with strong orders for Land Rover's sport-utility vehicle Defender and Range Rover's Evoque. JLR's boss Ralf Speth, who has led the company since 2010, will step down from his role at the end of his contract term in September. ($1 = 76.0446 Indian rupees) ($1 = 0.7954 pounds) (Reporting by Chandini Monnappa in Bengaluru and Aditi Shah in New Delhi; Editing by Shounak Dasgupta and Sriraj Kalluvila)

Watch Jaguar build its XJR Rapid Response Vehicle for Bloodhound SSC

Last month, Jaguar revealed an F-Type specially equipped to serve as a Rapid Response Vehicle for the Bloodhound SSC. Now it's rolled out a pair of XJRs kitted out for the same purpose. Set to debut when test pilot Andy Green drives one up the hill at Goodwood later this month, the Jaguar XJR Rapid Response Vehicle has been equipped by Jaguar Land Rover's Special Vehicle Operations division. As you can see, it's got a special livery of blue and orange to mimic the rocket- and jet-powered streamliner's own color scheme, and has been stripped out and fitted with a roll cage and specially crafted tools for the land speed record attempt. Of course, the 5.0-liter supercharged V8 carries over with its 550 horsepower to propel it to 60 in 4.4 seconds and on to a top speed of 174 miles per hour. Alongside the F-Type – which recently undertook a parachute deployment test – the pair of XJR Rapid Response Vehicles will be on hand in South Africa when the Bloodhound attempts to break the land speed record as well as the sound barrier on dry land. Check out the build process in the video. Jaguar Rapid Response Vehicles for Bloodhound SSC to Star at Goodwood Festival of Speed - Bespoke Jaguar XJR Rapid Response Vehicle (RRV) for Bloodhound SSC to make dynamic world debut at Goodwood Festival of Speed - Current world land speed record holder Andy Green to drive the 16MY XJR RRV up the Goodwood hill on Saturday 27 June 2015 - Bloodhound's RRV Fleet now includes two XJRs and an F-TYPE custom-built by Jaguar Land Rover's Special Operations team - Jaguar's history in supporting world land speed records dates back to 1983 with an XJ12 for Richard Noble's record attempt in Thrust 2 Jaguar is to further showcase its commitment as Technical and Innovation Partner to the Bloodhound Project with the world debut of its custom-built XJR Rapid Response Vehicle (RRV) at Goodwood Festival of Speed, alongside the recently unveiled F-TYPE R AWD RRV. One of two XJRs being provided for the record attempts will be on show at the festival and will also take part in the First Glance hill run on Saturday 27 June 2015 with current world land speed record holder and Bloodhound SSC driver Andy Green at the wheel. The two new additions to Bloodhound's fleet are the latest creation of Jaguar Land Rover's Special Vehicle Operations (SVO) division and are wrapped in a bespoke livery created by Jaguar Design incorporating the Bloodhound SSC colours.

Jaguar Land Rover names ousted Renault boss as new CEO

LONDON — Jaguar Land Rover (JLR) has picked ousted Renault boss Thierry Bollore as its next chief executive, with a mission to return Britain's biggest carmaker to profit after a big hit from the COVID-19 pandemic. Bollore took over at Renault in January 2019 after the fall of Carlos Ghosn, but was always viewed as close to the French carmaker's longtime boss and was pushed out in October when the company was looking for a fresh start. Bollore will take over at JLR on Sept. 10, replacing Ralf Speth, whose tenure ends after more than 10 years. "It will be my privilege to lead this fantastic company through what continues to be the most testing time of our generation," Bollore said in a statement on Tuesday. JLR was hit this year first by disruption to sales in China and then by lockdowns across Europe and North America as the COVID-19 outbreak spread around the globe. In 2019, it cut jobs to address tumbling diesel sales, which helped it return to profit. But as the pandemic struck, it slumped to a pretax loss of 422 million pounds ($545 million) for the year ended March 31, 2020. The company has already taken steps to tackle the crisis, including agreeing to a loan facility of around $700 million with lenders in China and further staff reductions. JLR is also in talks with the British government over potential support, according to media reports. Bollore takes over a business that built just over 500,000 cars in 2019/20. He faces a number of tasks, including how to handle the Jaguar brand, which underperforms the Land Rover marque, how quickly to electrify its lineup and a potential hit from Brexit if trade barriers are imposed. JLR has a partnership with BMW on electrification, and parent company Tata Motors recently recommitted to the company. "Tata Group recognizes and values Jaguar Land Rover's future potential highly," said JLR Chairman Natarajan Chandrasekaran earlier this month. "That is why this company is central to our global automotive presence – a presence that we intend to develop for years to come." Related Video:         (Additional reporting by Chris Thomas in Bengaluru and Gilles Guillaume in Paris; editing by Jason Neely and Mark Potter)