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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.

Weekly Recap: The divergent paths of Tesla and Fisker

There's no doubt that Tesla is downshifting while Fisker has been grinding its gears. But it wasn't always that way.
In the wake of Tesla's recent success, it's easy to forget that there were once two California electric carmakers with bright futures.

2017 Jaguar XE 20d Quick Spin

Base models rarely get their due in the press. Big-engine, high-horsepower variants get all the headlines, but the junior version is what sells in volume. We're just as guilty here at Autoblog, with both a first and second drive of the Jaguar XE in supercharged V6 guise, and barely a mention of the entry-level, 2.0-liter diesel. So, in Perd Hapley style, the Jaguar XE diesel is the model of the Jaguar XE we're going to discuss. Yes, the volume model of the Jaguar XE is a diesel, at least for now. A turbocharged 2.0-liter gas engine, wearing the 25t badge, will arrive after the XE's early 2016 on-sale date. Oil-burners and volume are not a thing in the United States, except for heavy-duty pickup trucks. Despite that apparent contradiction, the XE 20d could find some converts. Driving Notes The biggest clue to the engine's fuel source is the tachometer, which only counts to 6,000. But you wouldn't know from the fast throttle response or the way revs climb when you mash the accelerator. All 180 peak horsepower come at 4,000 rpm, and the 317 pound-feet of torque are available from 1750 to 2500 rpm. Really, this engine is smooth. Credit the low 15.1:1 compression ratio, which also helps make the engine's aluminum construction possible. The surge of power from the turbo builds steadily instead of kicking in all at once. Jaguar's engineers focused on friction reduction with a fanatical devotion, all in the name of efficiency. One key feature is the offset crankshaft. That is, the crankshaft is located to the side of the cylinder centerline. This reduces the side load forces during the firing cycle. In the manual transmission the gears are cupped to reduce mass. A pump sprays oil directly on the cogs, which cuts back on the total amount of fluid and cuts back on friction loss due to windage. No, the manual transmission isn't coming to the US. And yes, it's really good. Not just in the cliche journalist love for the diesel-manual combo, but objectively good. That smooth responsive nature of the engine is amplified when you get to choose your own gears. So we make due with the eight-speed automatic, the 8HP45 version of the ubiquious ZF box. The coolest trick here is a pendulum-style damper in the torque converter instead of a typical spring damper. When the torque converter is locked up this cuts down on torsional vibration between the engine and transmission. And that enables low-rpm cruising and higher mpg.