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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.

Why Land Rover's reluctant to show concepts: Chinese clones

While the Chinese auto industry continues to grow and expand with new and original products, a number of automakers still refuse to play by the rules. Rather than coming up with original designs, these automakers shamelessly copy designs from other automakers, slapping their badge on the front as if it were an original product. According to Auto Express, Land Rover has grown tired of dealing with these frauds to the point that it's essentially stopped showing concept cars in order to stave off these clones. One of the most notable and brazen examples of these Chinese copycats is the LandWind X7. While that car looks like an obvious ripoff of the Range Rover Evoque, complaints by Jaguar Land Rover were dismissed, and the X7 hit the market for about a third of the price of the Evoque. Further efforts by JLR have done nothing to halt or change the car's production. It seems Chinese authorities are more interested in protecting the home team than upholding copyright laws. Land Rover design boss Gerry McGovern said the automaker was "wary of showing new concepts" because they just give these competitors time to work up a copy. Land Rover's latest model, the Velar, debuted in Geneva in production form. Skipping concepts may not stop competitors from making copies, but it does give Land Rover a huge head start when it comes to production. Related Video: Featured Gallery Production LandWind X7 News Source: Auto Express via Road & Track Design/Style Government/Legal Jaguar Land Rover SUV Concept Cars Luxury jaguar land rover

2019 Jaguar I-Pace First Drive Review | The future is now

Jaguar's new all-electric I-Pace may be one of the brand's most significant breakthroughs. This is not just because the handsomely muscular all-wheel-drive crossover can travel 240 miles on a single charge to its 90 kWh battery. Or because it will cost a competitive $69,500 before federal and state incentives. Or that it can accelerate from 0-60 in 4.5 seconds — about as quickly as Jaguar's V8 F-Type sports car. It is not even because it may be the first vehicle to feature a small "froot" — "front boot" — which is a hideous British English term for the area known by the equally unappealing American neologism "frunk." The I-Pace ranks high in the Jag insurrective pantheon because it is the first truly competitive all-electric vehicle from a major luxury manufacturer to hit the entirety of the American market since Tesla jump-started (ugh!) the contemporary, fancy, battery-powered vehicle campaign back in 2008. Sure, Mercedes, Porsche, Audi, BMW, and others have promised these vehicles, but as far as we know, they don't exist, and we haven't driven them. The best news about the Big Electric Cat is that it's actually enjoyable on the road. Some of this is because of its intrinsic design benefits. The heavy battery pack, housed in the floor, contributes to a low center of gravity as well as ideal 50/50 front/rear mass balance. Both of these aid not only in the vehicle's road-holding capabilities, but in its style of holding the road. Jaguar has always been adept at splitting the suspension difference between German plank and American couch, and the I-Pace follows this general trend, providing a ride that is connected without feeling overly harsh, even on the optional 22-inch wheels and Pirelli P-Zero tires. (Note to self: Reserve the Instagram handle Donk-E.) But the I-Pace does something interesting. Due to its high seating position, and the low placement of its drivetrain components, it provides the sensation that the mechanical action of forward momentum is within the driver's direct and immediate control, but taking place elsewhere. There is no delay, or vagueness — the inputs are precise and it goes where you want and expect. But it induces the odd feeling that you are riding atop a maglev hovercraft. It's futuristic, uncanny, and fun.