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Tata to shed 1,100 Jaguar Land Rover jobs after coronavirus hits earnings

BENGALURU — India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak. Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved. It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from the more than 3 billion pounds it has spent annually in previous years. "Conserving cash and prioritizing capital expenditure, and targeting investment spending to the right areas is our focus," Balaji told reporters, after the company posted a fourth quarter loss. We anticipate that up to 1,100 agency employees will be affected, a JLR spokeswoman said in a separate statement. Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021. The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR. Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31. JLR, which contributes the bulk of Tata Motors' revenues, reported a pre-tax loss of 501 million pounds for the period after it took a hit of 800 million pounds because of the novel coronavirus, Balaji said. He said there were signs sales were recovering in China, one of JLR's biggest markets, as well as in the United States and in Europe, with strong orders for Land Rover's sport-utility vehicle Defender and Range Rover's Evoque. JLR's boss Ralf Speth, who has led the company since 2010, will step down from his role at the end of his contract term in September. ($1 = 76.0446 Indian rupees) ($1 = 0.7954 pounds) (Reporting by Chandini Monnappa in Bengaluru and Aditi Shah in New Delhi; Editing by Shounak Dasgupta and Sriraj Kalluvila)

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 and Land Rover now offer Apple CarPlay and Android Auto

The 2019 Jaguar I-Pace will come standard with Apple CarPlay and Android Auto functionality, and the connectivity feature comes as a roughly $300 option on select and appropriately equipped 2019 Jaguar and Land Rover models, the joint automaker said. It comes via Jaguar Land Rover's Smartphone Pack, which is available on all 2019 and future models, but with conditions. The car in question must have the 10-inch InControl Touch Pro touchscreen or split-touchscreen Touch Pro Duo infotainment systems, plus navigation, InControl Apps and Wi-Fi connectivity. Those are included on some upper trim levels and available as separate options on others. So basically, depending on trim level, you could be looking at a simple $300 add or a long-line of other extra charges just to get Apple CarPlay and Android Auto. There are other new features coming for the InControl Touch Pro system as well, including voice command for navigation, major graphic refreshes for certain screens, new shortcut buttons on the home screen for key navigation, media and phone functions, and changes to the user experience in the media screen. Jaguar and Land Rover first introduced the InControl Touch Pro for 2016, enabling users to learn whether they have enough fuel or battery range to get to a searched-for destination and share their destination, current location and ETA with others via email or text message when using the on-board nav system. The Touch Pro Duo first debuted on the 2018 Range Rover Velar and will be standard on the 2019 I-Pace electric crossover, plus the Range Rover and Range Rover Sport. It features interlinked dual upper and lower touchscreens. In terms of the trim level availability mentioned earlier, a JLR spokesperson tells us that Smartphone Pack is available on all 2019 Jaguar F-Pace trim levels. It is available separately starting with the F-Pace Prestige trim level, but on the base F-Pace and Premium versions, you have to also get the optional Connect Pro Pack, Navigation Pro Pack, and traffic sign recognition and adaptive speed-limiter pack. Yes, it is a bit complicated. JLR recently released a touchscreen infotainment system designed to blend in with vintage models that retails for $1,796 before taxes. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.