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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.

We compare 2021 Ford Bronco and Bronco Sport specifications to their ritzy Land Rover competiton

The 2021 Bronco and Bronco Sport are the spearheads for Ford's new 4x4 sub-brand, with the former taking the fight directly to the Jeep Wrangler and the latter providing Ford with a more rugged alternative to the Escape. We've already looked at how the new Bronco and Bronco Sport compare to their mainstream competition, but we'd like to see how the Bronco stacks up to another hotly anticipated returning nameplate: the Land Rover Defender.  Not to leave its little sibling in the cold, I decided to browse Land Rover's lineup and see what might be a suitable counterpoint to the Bronco Sport. For better or worse, I found an almost-perfect fit in the Range Rover Evoque. So, how do these new American 4x4s compare to the Old Country's more-expensive alternatives? Let's dig in, starting with the big boys.  As you might expect from the Bronco's robust credentials, it holds its own here against the more-expensive Brit. The Defender's higher price point brings along a good bit of power advantage with both engines, but that's to be expected. The Defender also has that trick adjustable-height suspension that the Bronco lacks, giving it an edge in practicality, and it can also tow quite a bit more.  On the flip side, there are quite a few advantages to going with the Ford, including a greater number of choices in terms of powertrain. The available manual transmission on four-cylinder Broncos is a nice bonus, for instance, as is the option of getting either the base 2.3-liter or the optional 2.7-liter engine with either wheelbase. The Defender is a bit more restrictive in this regard offering only the inline-six on the short-wheelbase model. As an added bonus, the Bronco is a convertible. That may not necessarily be a "plus" for all shoppers, but it's certainly an added bit of versatility (and potential appeal) the Defender lacks. And of course, the Bronco can be had for as little as $30,000, whereas the Land Rover starts at $50,000. Now, on to the less-rugged siblings. The specs here are actually a little tighter in most respects, but the powertrain story is almost identical. The Evoque checks in where the Bronco Sport tops out, and the Range Rover gets an optional high-output variant of the 2.0-liter turbocharged four.

Win a trip to the Porsche Experience Center, including track time in a 911

Autoblog may receive a share from purchases made via links on this page. Pricing and availability is 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! The feeling of getting a new car is wonderful. Winning that new car, especially your dream car, feels even better, or so we would imagine. And Omaze is here with a chance to experience that feeling. Plus, between now and March 4, if you enter to win a car you'll also be entered to win a trip to the Porsche Experience Center. According to Omaze, one winner and a guest "will receive receive a one-day performance driving experience at the Porsche Experience Center in Los Angeles or Atlanta, which will include: 1.5 hours driving either a Porsche 911 GT3, a 911 Turbo S, or any vehicle available at the Porsche Driving Experience Center of equal or greater value (actual vehicle to be driven is subject to scheduling availability), on Porsche's private race track with a professional driver." Flights and accommodation will also be covered.  You’re probably asking yourself, what does it take to win? First of all, according to Omaze, "no donation or payment is necessary to enter or win this sweepstakes." $10 will get you 100 entries in this sweepstakes, while $50 will get you 1,000 entries and $100 will get you 2,000 entries. The best part? Each paid entry raises money for a worthy cause. See more about these causes at Omaze. Here are our favorite vehicle giveaways weÂ’ve found online this week. Win a 1958 Porsche 356 A - Enter at Omaze Every now and then, a car comes along in a sweepstakes that makes you wonder why in the world they would be giving something so beautiful away for pennies on the dollar.