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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.

Petrolicious profiles one of the final Jaguar E-Types

There's no question that David Paddison has got a very lovely 1974 Jaguar E-Type convertible. The rubber bumpers of this late E-Type may distract ever so slightly from the purity of the lines, but that doesn't mean we're still not completely jealous of the latest Petrolicious subject car.
As usual, the team of vintage car videographers has done a fine job capturing a small moment of gear-headness with this latest installment - The Last of the Breed. We do wonder why we don't get to hear a little bit more of that famed Jaguar V12 rumble, however. There's just a whiff of engine and exhaust sound in the middle of the video, while the rest of the piece sounds like it was scored by Amy Grant's rhythm guitarist. See for yourself, below.

Jaguar Project 7 concept is an F-Type in a D-Type mold [w/video]

In addition to the XJR, XFR-S and XKR-S GT models Jaguar is bringing to the Goodwood Festival of Speed this weekend, the manufacturer announced that the F-Type-based, D-Type-inspired Project 7 design study will make its "dynamic" debut at the festival, with driving duties assigned to Mike Cross, Jaguar's chief engineer of vehicle integrity. Here's the cool part: With Jaguar's Director of Design, Ian Callum, leading the team responsible for Project 7, it went from the drawing board to track testing in only four months, Jaguar states, with a claimed 0-60 time of 4.1 seconds and top speed of 186 miles per hour.
Project 7, which was named in honor of Jaguar's seven wins at the 24 Hours of Le Mans, will be making runs up the hill at Goodwood over all three days of the festival, which starts at the Goodwood House in West Sussex, England, this Friday.
Far from a fragile concept car, Jaguar says, the single-seat Project 7 is a fully functional sports car. It uses the all-aluminum chassis and body of the F-Type, retains that car's 550-horsepower, supercharged 5.0-liter V8 and eight-speed automatic transmission but features lots of bespoke carbon fiber aerodynamic bits, some of which were inspired by the Le Mans-winning D-Type of the 1950s. The most obvious nod to that classic is the rear fairing with integrated rollover hoop - the F-Type's convertible top is gone. The windshield was also lowered, giving the roadster a more rakish silhouette as it sits on 20-inch forged-alloy wheels with carbon fiber inserts.