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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 refreshes the 2018 F-Type lineup and adds a high-performance V6 model

Jaguar is giving the F-Type line a refresh for 2018 and adding two new variants. All new F-Types feature LED headlights and slightly darker taillights. Every model except the SVR also gets updated front bumpers. The most noticeable change is the side vents, which morph from the double slots to single openings in most cases. The F-Type R's large side vents are bisected horizontally. The two new F-Type models are the R Dynamic and the limited edition 400 Sport. The R Dynamic isn't particularly exciting, since it's pretty much just a dress-up package for the entry level 340- and 380-horsepower F-Types. All the model adds are 19- and 20-inch wheel options, as well gloss black-painted hood vents, splitter, side sills, and rear diffuser. The 400 Sport, on the other hand, comes with much more. It's only available for one year, and comes with a modified supercharged V6 producing 400 horsepower. The 400 Sport can be ordered with either rear- or all-wheel-drive, but the 8-speed automatic is the only available transmission. The car also benefits from larger 15-inch brakes at each corner. Owners of the 400 Sport can personalize their driving settings as well, thanks to the car's Configurable Dynamics system. Inside and out, the 400 Sport gets some visual upgrades, too. It includes the Sport Design Pack, which adds a deeper front spoiler, larger side sills, and a rear diffuser. A flat-bottom steering wheel, yellow contrast stitching, and black brushed aluminum accents finish off the interior. There are also plenty of 400 Sport badges on the car. View 12 Photos The two other major changes for the F-Type line involve infotainment. One of which is that every model now comes standard with Jaguar's Touch Pro infotainment system and its 8-inch touchscreen with which the driver can interact. The other is a cool new app the company developed with GoPro. It's called ReRun, and it allows the driver to connect a GoPro camera to the car, and download footage to the phone. The reason for connecting the camera to the car, is so that it can add telemetry data including speed, gear, g force, and steering and brake inputs to the video footage. After a spirited drive in the country or on a racetrack, the footage can be downloaded to the phone to be reviewed and shared. The app even generates "highlights" automatically. The new F-Type range will go on sale in the first quarter of 2017.

Jaguar Land Rover to cut more U.K. jobs as it moves Discovery output to Slovakia

LONDON — Jaguar Land Rover (JLR) is set to cut more jobs in Britain as it moves all production of its Discovery car to lower-cost Slovakia before building its new Range Rover at an English factory. Britain's biggest automaker, JLR has previously said its next-generation Discovery will be built at its Slovakia plant and on Monday announced there could be some job cuts in Britain as a result. "The potential losses of some agency employed staff in the UK is a tough one but forms part of our long-term manufacturing strategy as we transform our business globally," the company said in a statement. Moving production from Britain will slash several thousands of pounds off the cost per vehicle, the firm's Chief Finance Officer Ken Gregor said last year. The new Range Rover and Range Rover Sport will however be built at the firm's central English Solihull plant on an architecture which is designed to allow for diesel, petrol, electric and hybrid models to be produced. Monday's announcement comes after the firm said this year it will cut 1,000 jobs and reduce production at two of its English factories as demand for diesel cars slumps in the face of higher taxes and a regulatory crackdown. The firm has also blamed Brexit for hitting demand in Europe's second-largest autos market, where demand fell 6 percent last year, a source told Reuters in April. JLR said in January it would decide this year whether to build electric cars in its home market after announcing all of its new cars will be available in an electric or hybrid version from 2020. The company, owned by India's Tata Motors, builds nearly one in three of Britain's 1.7 millions cars but is producing its first electric vehicle, the I-Pace, in Austria. JLR's new factory in the Slovak city of Nitra is due to begin production by the end of the year and will have a capacity of up to 300,000 vehicles. It already employs 1,400 people there as it gears up to open. In Britain, the firm built just over 530,000 vehicles last year at three production facilities and also has a separate engine site and headquarters, employing roughly 40,000 people in total. Related Video: Image Credit: Reuters/Paul Ellis Hirings/Firings/Layoffs Plants/Manufacturing Jaguar Land Rover SUV Luxury Off-Road Vehicles jaguar land rover jobs jlr slovakia