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Jaguar Land Rover posts profitable quarter amidst big yearly losses

Jaguar has posted its first profit in quite some time, as the financial quarter ending on March 31 brought in a net income of $151.6 million. However, that is the light in the end of the tunnel, as full year results through March showed a $4.58 billion loss (GBP3.6 billion). The losses are again attributable to declining sales in China, with a whiff of the still-lingering Brexit process. While JLR's annual U.S. sales were up 8.1 percent, and U.K. sales improved by 8.4%, overall sales came down 5.8% to 578,915 vehicles. For April, Chinese sales nearly halved as they dropped by 46 percent. Earlier this year, JLR's woes caused its owner Tata Motors to post the biggest ever quarterly loss in Indian corporate history, at nearly $4 billion. JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround. Speth said JLR has already managed to deliver $1.59 billion (GBP1.25 billion) of efficiencies and savings. JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (GBP2.5 billion) of investment, working capital and profit improvements by March 2020, and that it currently has $4.84 billion (GBP3.8 billion) of cash. Speth continued that JLR will "go forward as a transformed company that's leaner and fitter," and that the sustained investment in new products and technologies will drive future demand. There has been earlier speculation of Tata Motors selling JLR to the PSA Group, but as Autocar reports, Tata's financial chief again refuted these rumors. JLR also announced today that its CFO of 11 years, Ken Gregor is stepping down after 22 years with the company, and that he will be succeeded by JLR's Chief Transformation Officer, Adrian Mardell.

Lister says it'll tune F-Pace SVR into the world's fastest SUV

The Jaguar F-Pace SVR is fast. Blisteringly fast. With its 550-horsepower, five-liter V8 it will hit 60 mph in just 4.1 seconds and go on to 176 mph. That sounds like the perfect blank canvas for Jaguar outfitter Lister, doesn't it? Known for its Jaguar-based race cars and road-going specials, Lister has built some legendary cars in its time. Now, accompanied by the teaser image the company's account tweeted yesterday, Lister says it'll build the world's fastest SUV out of the F-Pace SVR. It'll actually have to be really, really quick, as several sports utility vehicles now hit 60 mph in well under 4 seconds. The Tesla Model X P100D does that in 2.9 seconds with Ludicrous Mode selected, thanks to its electric grunt. On the fossil fuel side of things, there's the Grand Cherokee Trackhawk, which relies on the 707hp Hellcat V8 to reach 60 mph in 3.5 seconds. That number is matched by the Lamborghini Urus, and another Italian, the Alfa Romeo Stelvio Quadrifoglio can get to 60 in under 4 seconds. Beat all of those, Lister, and the throne is yours. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earlier in an Autocar interview, Lister's Lawrence Whittaker claimed the Lister-tuned SVR will have as much as 670 horsepower, a good hike up from the stock vehicle's power figure. Reportedly 250 units will be built. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Lister Cars Jaguar Crossover SUV jaguar f-pace lister jaguar f-pace svr

Here's today's round of auto plant closures in response to coronavirus

More automakers have shuttered factories, as businesses everywhere work to slow the spread of the Covid-19 coronavirus — and as the pandemic slows sales and disrupts parts supply chains. On Friday, the following closures were announced: • Volvo will close its factories in Sweden and the United States from March 26 to April 14. Volvo's U.S. facility, in Charleston, South Carolina, makes the S60 sedan. Its assembly plant in Torslanda, Sweden, turns out the XC90, SC60, and V90. Other Swedish facilities make engines and component parts. A Volvo factory in Ghent, Belgium, that builds the XC40 and V60 closed earlier this week and is expected to remain offline until April 6. Volvo's four factories in China have been reopened after a shutdown earlier this year. • Jaguar Land Rover announced that it will suspend production at its assembly plants in the UK over the coming week. The shutdown is expected to last until April 20. Elsewhere, production continues at the company's factories in India and Brazil, and JLR's joint-venture plant in China reopened at the end of February. • Bentley is closing its factory in Crewe, England, for four weeks, effective today. • Bugatti has put its atelier in Molsheim, France, on hiatus. No date was given for when assembly of its supercars might resume. • Mercedes-Benz on Monday will shut down its SUV factory in Alabama and its van assembly plant in South Carolina. Both will remain closed for a minimum of two weeks. Tesla yesterday revealed that it will suspend operations at its Fremont, California, vehicle assembly plant next week, on order from local officials there. Yesterday's factory closure announcements also included the U.S. assembly plants for Toyota (until April 6), Volkswagen (through March 29), Subaru (through March 29), and Hyundai (no time period specified). They join GM, Ford, Chrysler, Honda, Nissan, and Harley-Davidson, which earlier this week announced the suspension of production at their facilities. Plants/Manufacturing Bentley Bugatti Jaguar Land Rover Mercedes-Benz Volvo coronavirus