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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.

Is Jaguar's 3 Series-fighter the brand's last chance?

The upcoming line of compact 3 Series-fighters from Jaguar, often referred to as the Jaguar XS, could consist of a sedan, wagon and possibly a coupe and GT model (think BMW 5 Series GT). The car's all-aluminum architecture also will provide the basis for two new sports utility vehicles. Just how important is the much-touted "baby Jag" project to parent company Jaguar Land Rover? A JLR executive reportedly says the brand's survival is directly linked to the success of the XS, codenamed X760, Autocar reports.
The brand's survival is directly linked to the success of the XS.
"If the X760 fails, it will probably be the end for the [Jaguar] brand," the executive says. But Adrian Hallmark, Jaguar's global brand director, claims Jaguar will "build the most advanced, most efficient, most refined car in that [compact luxury sedan] segment. Not almost as good as, but better than the best in the world."

Refreshed 2020 Jaguar XE gets upgraded interior

Jaguar said it listened to feedback — or complaints if you prefer, and want to be more blunt — from customers and even journalists to guide the first midcycle refresh of the XE sports sedan. While it made some exterior tweaks, the biggest changes are inside the cabin. There, Jaguar did away with hard plastics and added some new technology borrowed from the electric I-Pace, with XE's new door trims that will eventually serve as a template for all models, with improved ergonomics and more premium, soft-touch materials. "That was a really big job," says Ian Callum, Jaguar's director of design. "That's more than a normal facelift would normally get. What I think we've done with the interior is bring Jaguar back to its natural level of ambience and luxury. You sit in the car now, it's a great interior. We're really proud of it." Gone are the hard plastics in favor of new leather on the dash, door panels, seats, head rests and steering wheel. There are also carbon fiber panels around the front and rear door handles and the pistol shifter, which was borrowed from the F-Pace and replaces the previous version's dial shifter. The front-seat leather headrests are embossed with the Jaguar leaper logo, and the stitched-leather seats are a new design. The new front and rear door panels feature a more ergonomic 360-degree leather pull handle, replacing the previous design that had it as part of the door armrest. There's also a slot down low designed to securely stow reusable water bottles. Callum said the new door panels will appear on all future Jaguar models. The XE also features a redesigned center console with more storage, a pair of USB ports positioned inside the stowage bin along with an auxiliary power jack, and the second-generation heads-up display has improved graphics. Borrowed from the electric I-Pace is the optional InControl Touch Pro Duo touchscreen, which is kept separate from the climate control screen that retains two dial knobs. Also available is a wireless phone charging port, a first for Jaguar, along with Apple CarPlay and Android Auto compatibility. "We've taken something from a much higher car into our small family car, which is the right thing to do," Callum said. "We've got to cascade all that good stuff into our affordable car and try to work around it. It was challenging, because it costs money, but it's what people expect.