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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.

Pivi Pro Jaguar Land Rover Infotainment Review | A massive improvement

Infotainment systems in Jaguar Land Rover products have irked us for a long while. They’re generally a good step — or several — behind other luxury automakers' infotainment systems in terms of features and looks. But the big problem has always been their functionality. Even right out of the gate, they exhibited an undue amount of lag and general bugginess. Pivi Pro is supposed to change all of that. ItÂ’s JLRÂ’s completely new-from-the-ground-up infotainment system that is quickly spreading across the companyÂ’s range of products. It features a new screen size and layout. Plus, the software itÂ’s running is vastly different from what we saw previously. Our Byron Hurd got a first taste of it with a number of JLR products in a short period of time and found it to be a big improvement. Now, weÂ’ve had a new Land Rover Discovery in the garage for a longer period to fully suss out the system. Will it hold up? Watch the video above for a quick tour, and keep reading for some more detailed thoughts. Before diving in too deep, you should know off the top that Pivi Pro is a massive improvement over JLR infotainment systems of old. There are still some issues, but the new systemÂ’s performance is exponentially better than what itÂ’s replacing. This is partly thanks to it now running off its own backup battery. This allows the whole system to load immediately upon startup, ensuring that you arenÂ’t sitting and waiting for items to populate after you press the start button.  The new 11.4-inch screen this software plays on is splendid to both look at and touch. ItÂ’s a super-high-resolution panel, and it takes to our inputs quickly and without protest. The new UI layout makes things easier and prettier, too. All of your important items are tucked into a panel on the left, making them super easy to find and select. Plus, a sticky “home” button means you can always find your way out of menus when youÂ’re done diving around. We dig the three-panel home screen and its minimalist style, but for those who might favor maximum functionality over a pretty home screen, you can replace this with rows of app icons. For those wanting to use their phones, there is indeed an in-car WiFi data plan available to buy. Plus, JLR newly allows you to connect two devices via Bluetooth instead of just one. Both Apple CarPlay and Android Auto are nicely integrated with this new system.

10 best new car deals in late September 2021

New car sales were drastically affected in 2020 due to the ongoing coronavirus pandemic, but things started to show signs of recovery toward the end of the year before really coming on strong in the early months of 2021. Now there's an ongoing shortage of microchips causing a great deal of pricing fluctuation and a limited supply of certain vehicles. That doesn't mean there aren't still great deals on new cars, though. Using data provided by TrueCar, we’ve compiled a list of some of the best automotive deals for September 2021. WeÂ’ve noted the original MSRP, the average transaction price, and the total savings in both dollars and as a percentage of the original sticker price. Basically, weÂ’ve done all the hard work for you! So now, all you need to do is compare deals, go on a few test drives, and maybe drive away in a great car (and an even better bargain).