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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)

Lister introduces 666 hp, 208 mph limited edition Thunder

Lister is one of the most storied nameplates when it comes to Jaguar-based racing cars, with tons of Le Mans heritage on its shoulders. The company says it's Britain's oldest surviving racing car company. As well as racing cars, Lister has produced several road-going specials, such as the widened XJ-S derivative called Le Mans and the Storm, whose 7-liter V12-engine was not only based on the XJR-9 racing car, but also the biggest V12 engine fitted to a production car since WWII. Now, in addition to continuation specials like the reborn Knobbly, there is a new Lister on the market — boldly called the Thunder. The Thunder is based on the F-Type, but its supercharged 5-liter V8 has been re-engineered to reach 666 horsepower. It will reach 62 mph in just 3.2 seconds, 100 mph in 6.8 seconds and go all the way to 208 mph. To compare a production F-Type SVR to the Thunder, the Jaguar-badged car has 99 less horsepower and takes half a second longer to hit 62 mph. There will only be 99 units built, and they are priced at almost $200,000 in the UK — we reached out to Lister for a confirmation whether the cars will be made available to U.S. buyers. But they are selling out soon, as Lister today announced that in the 24 hours since the unveiling of the Thunder, 22 customers already put in an order, worth in excess of $4.37 million. But the Thunder will be much more than a limited edition plaque in the dashboard (and that 99 extra horsepower); the paintwork and the interior will be bespoke to the specially built car. The modifications to turn an F-Type into a Lister Thunder will be carried out at Lister's historic facility in Cambridge, UK. Related Video: Featured Gallery Lister Thunder Aftermarket Jaguar Luxury Performance lister

Jaguar Land Rover is going to call itself 'JLR' and spin off brands

Embracing the current popular philosophy that less is more, the executives at Jaguar Land Rover plan to officially rename their company “JLR” and to create a new “house of brands” that will emphasize name equity and refocus its vehicle offerings. In simple terms, the British-based, India-owned company will split into four separate brands: Range Rover, Discovery, Defender and Jaguar. While this shift may appear to be essentially a function of marketing and dealership bookkeeping, the over-arching reason is to give some of the brands more visibility. Details of the plan, which would reconfigure showrooms in Britain into discrete brand footprints, were discussed this week at a presentation by JLR CEO Adrian Mardell. “The reality is Range Rover is a brand and so is Defender,’” said creative officer Gerry McGovern. “Customers say they own a Range Rover. In luxury, you need absolute clarity. Land Rover Range Rover SV Autobiography doesnÂ’t give it. We love Land Rover, but there isn't as much equity as Range Rover, and Defender is increasing massively.”  Underlying the effort is plans to reinvent Jaguar as an electric-only luxury brand, Mardell said that this was “unfinished business” for him since he joined Jaguar 32 years ago. “The Jaguar of 32 years ago is where weÂ’re going back to and the right place for us to be." He further acknowledged that JLR had been “quiet” recently in the face of semiconductor chip shortages, but allowed that that situation was easing at his company.