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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.

Jaguar XFR-S pitted against Mercedes E63 AMG

It was Steve Sutcliffe at Autocar who got the tough job of comparing the Mercedes-Benz E63 AMG to the limited edition Jaguar XFR-S on the track and sheep-strewn British B-roads. In UK spec both Mephistophelean sedans wrangle the same 542 horsepower, but step out of the corral and things look to weigh heavily in the Mercedes' favor: it has more torque, it's lighter, it's quicker from 0-to-60 and it's less expensive.
But that's on paper. Sutcliffe was given the job to see what effect all those letters and numbers had on the real-world driving experience. One of them is "an absolute hoot at the track" with great steering and weight management, one is "magnificent." To find out which is which, watch the video below.

Jaguar XFR-S is motor-porn on a mountain road

The 2014 Jaguar XFR-S might have only been good enough to take the runner-up spot in our Editor's Choice top five debuts at the LA Auto Show, but we'd be hard-pressed to find a car with a more exhilarating exhaust note. As proof of this, Jaguar released a video showing the XFR-S tearing up a windy, European mountain road in close to a minute of hardcore driving footage.
The big blue cat has the same great exhaust note of the XKR-S, and the driver puts all of the car's 550 horsepower to work demonstrating the handling - and drifting - abilities of the new XFR-S. If there's any disappointment to be had, it's the fact that you have to jump to the 30-second mark of the video for any of the action to start.
Scroll down to watch the video, and be sure your speakers are turned all the way up.