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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

Jaguar is ready for the future, and its cars look the part thanks to Ian Callum

There are few living legends in the car business. Jaguar design director Ian Callum is one of them. The longtime stylist announced Tuesday he's stepping down after a decorated career that's seen the resurgence of Jaguar and its again superlative design. Callum, who turns 65 in July, has overseen Jaguar design for 20 years and shepherded it from an era of mediocrity and uncertainty to success with its current lineup of eye-catching products. The brand's 1990s and 2000s cars, led by the haggard X-Type, were too-often forgettable. But in the last decade, Callum has completely flipped the script, returning Jaguar to its sports-car roots with the F-Type while embracing the new period of electric vehicles and crossovers. "Yesterday I told my team I was leaving as Design Director for Jaguar after 20 years. I've done what I set out to do. Time for a new adventure. I pass the baton onto my good friend and great designer Julian Thomson...." Callum tweeted Tuesday. Thompson, a 19-year veteran of Jaguar takes the reins from Callum, who is staying on as a consultant. The move takes effect July 1. As Callum notes, it's not a retirement, though he didn't elaborate. "Given the strength of both our products and the design team I feel that now is the right time to move on, both personally and professionally, and explore other design projects," he said in a statement. The Scottish-born designer studied at the Royal College of Art and was steeped in the tradition of Jaguar and British cars. He had every reason to resist change. He didn't, instead evolving his dream job into an instrument of evolution, and today Jaguar has the most well-rounded portfolio in its history. With EVs like the I-Pace the brand has an elegant and efficient car capable of taking down Tesla, while the F-Pace and E-Pace crossovers are bringing Jaguar to a new kind of customer. "In my view, the World Car Design of the Year winning F-Type, F-Pace and I-Pace – true game changers – are perhaps his greatest achievements. I believe they will be future icons," Jaguar Land Rover chief executive Ralf Speth said in a statement. Through it all, Callum never lost focus on Jaguar's sense of purpose. Along with Aston Martin, McLaren and Rolls-Royce, Jaguar holds a place in Britain's car culture and broader identity. He recognized when Jaguar rolled out a sports car openly tapped as the successor to the E-type – and then called it the F-Type – it carried the weight of history on its aluminum chassis.

2017 Jaguar F-Type SVR First Drive

Jaguar's F-Type SVR has a special new exhaust. I drove the car in Monterey, California, where there's this tunnel right in the middle of town. You see where I'm going with this. The pipes attached to the "normal" F-Type R's supercharged 5.0-liter V8 is a flatulent riot, one of the most flamboyant wind sections in modern exhaust-dom. And then Jaguar's Special Vehicle Operations, the group of madmen responsible for the Project 7, comes along and rips it all out for the SVR. The room is needed for a rear diffuser, see. So a new system is fabbed using two fancy lightweight alloys, Inconel and titanium. A pair of mufflers sprout where one used to be. More. Better. Louder. Yes, all of that. Geez it's loud. And there's this tunnel, remember. Enter it and lift from the throttle, and it sounds as though there are some kids stowed away in the trunk tossing handfuls of M-80s out the back. "Big report" is what it'd say on the box if the F-Type SVR were a firework. It's dramatic, perhaps excessive. Scratch that – it's definitely excessive. This F-Type is only the second full-production effort from Jaguar Land Rover's SVO, the first being the Range Rover Sport SVR, and so it's also the first Jaguar SVR ever. Whereas that Range Rover combines quickness with surprising cross-country abilities, the F-Type SVR has a singular mission: Go faster. And so, with a tweak of the electronic limiter and some other fiddling, voila!, suddenly the coupe can reach a top speed of 200 mph. The convertible is not far behind at 195. Although there aren't many places in the world where you'll actually want to probe those max velocities, the engine's 575 horsepower and 516 pound-feet of torque are plenty to risk your license. The SVR adopts many of the engine improvements that hoisted the Project 7 to the same power level but bests that very special car's torque figure thanks mostly to new intercoolers. Remember, the regular F-Type R is only good for 550 hp. Only. What a world we live in. Aside from the added power, this is much more of a range-topping special trim than it is a significantly different model. Like the R, the SVR comes only with all-wheel drive and an eight-speed automatic transmission. Operating it in manual mode is more pleasant, in part because the paddle shifters behind the wheel are made out of aluminum instead of plastic like on other automatic F-Types.