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Strong JLR sales in China boost Tata Motors' quarterly profit

BENGALURU, India — Tata Motors Ltd on Friday posted a 67.2% surge in quarterly profit. Sales at its luxury car unit, Jaguar Land Rover (JLR), improved in key market China as the country led a recovery in the global automobile industry from the pandemic. The Indian carmaker had logged losses for three straight quarters as the COVID-19 pandemic dented business in several of its key markets even as it was already dealing with uncertainties around Brexit, weak demand and rising costs. The Brexit trade deal agreed upon in December has avoided the risk of tariffs on automotive parts and finished vehicles, Tata Motors said, adding that JLR remains encouraged by the Brexit trade deal. JLR sales in China jumped 20.2% on-quarter and were 19.1% higher from the year-ago period. Retail sales at the unit, which accounts for most of the company's revenue, were up 13.1% from a quarter ago, but still 9% lower than pre-pandemic levels. The company said it had saved 400 million pounds ($548.96 million) during the December quarter at JLR under Project Charge, taking the total savings to 2.2 billion pounds so far. Tata Motors has set a full-year target of saving 2.5 billion pounds. Consolidated net profit came in at 29.06 billion rupees ($398.52 million) for the third quarter, compared with a profit of 17.38 billion rupees a year earlier. It had reported a loss of 3.14 billion rupees in the previous quarter. The festive season in mid-November, during which Indians typically make big-ticket purchases, also helped overall sales. "Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in last 33 quarters," Tata Motors Chief Executive Officer and Managing Director Guenter Butschek said. Total revenue from operations rose 5.5% to 756.54 billion rupees.

Jaguar will build 9 XKSS continuation cars at $1.4m each

The Jaguar D-Type was, for its time, a cutting-edge race car. It was also a car that could, theoretically, drive from Jaguar's Browns Lane factory to the race in France and back. This was an era in which top-tier race cars weren't all that different from their road-going counterparts. You couldn't really do the same in an Audi R18 E-Tron Quattro, now could you? The XKSS was a D-Type with the barest nod to road-going conveniences, like proper wind protection. With some unsold D-Type racers cluttering up the shop after three successive Le Mans wins, Jaguar converted 16 into XKSS spec, and had more in the works. It wasn't a comprehensive transformation, really. A windshield and a passenger door were added; a cabin partition and the striking fin behind the driver were removed. Otherwise, it wasn't much different than the all-conquering Le Mans-winners. And then tragedy struck. A fire destroyed nine of the cars, and the company never picked up where it left off after the mess was cleaned up. Hence Jaguar aficionados, and the company itself, keenly felt the absence of the "lost" cars. After the success of the continuation E-Type lightweights built by the Jaguar Classic division of Special Operations, the company will finish the run. Nine cars will be hand-crafted for a select group of customers and collectors, much as the company did for the lightweights. Jaguar expects the cars to fetch more than $1.5 million each. Considering the mystique of these "lost" cars, and the fact that Steve McQueen is heavily associated with the XKSS, they may trade hands for considerably more after the initial owners part with them. Jaguar expects to start delivering the continuation XKSS cars early next year. Related Video: New York Auto Show Jaguar Convertible Performance Classics jaguar special operations jaguar xkss

Jaguar Land Rover invests $1.5B to build factory in Slovakia

Jaguar Land Rover will invest 1 billion pounds ($1.5 billion at current rates) to build a new factory in Nitra, Slovakia. Construction will commence in 2016, and the site will have an initial capacity of 150,000 vehicles a year when the first of them roll out in late 2018. JLR expects to employ 2,800 people there. JLR won't yet say what vehicle it will build in Slovakia, other than it will be an all-new aluminum model. The 2018 timing for the plant's start of production seems to coincide with the launch of the radically different next-gen Land Rover Defender, though. Earlier reports suggested that JLR also considered locations in North America, particularly Georgia, and Europe for the new factory. However, the company signaled the Slovakia choice earlier this year when it signed a letter of intent with the government there in August. The automaker then did a final feasibility study before committing to the site. The new factory continues JLR's recent manufacturing expansion. The company opened an engine plant in the UK last year and a factory in China. There will also be one soon in Brazil, and it will reportedly bid to buy the Silverstone Circuit as a new headquarters. JAGUAR LAND ROVER CONFIRMS NEW FACTORY IN SLOVAKIA • New world-class premium manufacturing facility confirmed in Nitra • The next stage of the Company's plans for sustainable global growth • Today's announcement also supports long-term investment in the UK Bratislava, Slovakia – Jaguar Land Rover has confirmed that it will be the first British carmaker to open a manufacturing facility in Slovakia. The announcement follows an agreement between the company and the Government of the Slovak Republic to build a new plant in the city of Nitra, western Slovakia. The new world-class GBP1 billion premium manufacturing facility will eventually employ around 2,800 people. Today's announcement follows Jaguar Land Rover's recent confirmation to double its investment in its engine plant in the UK to almost GBP1 billion – the largest injection into a new British manufacturing plant in decades creating several hundred new jobs. Dr Ralf Speth, Chief Executive Officer, Jaguar Land Rover commented, "Jaguar Land Rover is delighted today to welcome Slovakia into our family. The new factory will complement our existing facilities in the UK, China, India and Brazil and marks the next step in the company's strategy to become a truly global business.