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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.

European automakers gear up for Brazilian production

Brazil is the place to be, apparently. Toyota has been investing in the South American country, as has BMW, which announced a $261 million investment in October 2012, on the heels of an Audi factory announcement in San José Chiapa. The high-end immigration is only set to continue, as Mercedes-Benz and Jaguar-Land Rover have both announced plans to set up manufacturing operations there.
Mercedes is the big news here, as its new facility will see the German manufacturer invest 170-million euros for production of its next-generation C-Class and upcoming GLA-Class. "Brazil is an important future market. With our local production we accept the challenge and take on the competition," noted Andreas Renschler, Management Board member for Production and Procurement at Mercedes-Benz Cars and Mercedes-Benz Vans. Production is expected to begin by 2016.
Jaguar-Land Rover, meanwhile, isn't so concrete in its plans. The news of its investment in South America comes from a job posting for a plant quality manager in Brazil that was picked up by the UK's AutoCar. "Portuguese language skills will be definite advantage" for interested candidates, according to the job listing. The want ad follows on the heels of remarks by Jaguar Land Rover's Dr. Ralph Speth, who said there are "very intensive discussions" with Brazil's government. Unlike Mercedes, there's no mention of which vehicles will be produced in South America, although AutoCar thinks the Freelander, sold in the US as the LR2, is a leading contender.

Ford Raptor or Corvette-powered Defender, which would you choose?

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.  Enter this sweepstakes today and get 150 bonus entries by signing up for the Autoblog Newsletter right here! Going around a track at breakneck speeds is exhilarating, but I much prefer leaving the asphalt behind and hitting the trail, which is why my dream garage is filled with vehicles like Land Cruisers, Broncos, Jeeps, Rams and even a lifted Subaru or two. Not to mention the two vehicles pictured above, the Ford F-150 Raptor and the Land Rover Defender. If either of these are in your dream garage, you’re in luck, because Omaze just happens to be giving away both, right now. All you have to do is enter here for the Raptor and here for the Defender. Win a Ford F-150 Raptor or a Himalaya Land Rover Defender - Enter Here Here is a side-by-side of the specs, according to Omaze: Vehicle: Himalaya Defender 110 Crew Cab / 2022 Ford F-150 Raptor 37 Maximum Seating: Four / Five Engine: 6.2-liter Corvette LS3 / 3.5L V6 EcoBoost Maximum Horsepower: 430 hp / 450 hp Maximum Torque: 425 lb-ft / 510 lb-ft Transmission: 6-speed automatic / 10-speed automatic Drivetrain: 4WD / 4WD Exterior Color: Satin Grey / Lead Foot Grey Interior Color: Jet Black / Rhapsody Blue Approximate Retail Value: $210,000 / $83,525 Defender special features: Black exterior roll bars and trim; Black 18” Sawtooth wheels with 35” tires; Wilwood brakes; 3" lift; Black diamond-stitched leather sport seats; MOMO Millenium steering wheel; front and rear matching consoles; Himalaya gauge cluster; Himalaya front and rear bumpers, bed-mounted tire carrier, and extended fender flares; Puma hood; LED lighting. F-150 Raptor special features: 0 to 60 mph in 5.1 seconds, 15 city / 18 highway miles per gallon fuel economy, Extended Range 36 Gallon Fuel Tank, 8,200-lb towing capacity, 17” beadlock-capable forged wheels, 37”x12.50 tires; Twin Panel Moonroof; Recaro Front-Seats; B&O Sound System; Fox Racing Shocks. Exterior Looks - Winner: Himalaya Land Rover Defender ThereÂ’s just something about the Defender. ItÂ’s rugged, yet handsome. ItÂ’s got classic appeal yet feels modern. It also has style while appearing to be as strong as a tank.