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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.

Land Rover wins legal battle over Evoque clone Land Wind X7

Luxury carmaker Jaguar Land Rover, part of Tata Motors Ltd, said it won a case in China against local rival Jiangling Motors Corp for making cars that copy features of Range Rover Evoque. Beijing Chaoyang District Court said on Friday that Evoque, whose latest model was launched in 2018, had five unique features that were copied directly in the Land Wind X7 built by Jiangling Motors, leading to widespread consumer confusion. The court ruled that all sales, manufacturing and marketing of the Land Wind X7 must stop immediately and Jaguar Land Rover be paid compensation. The two sports utility vehicles have a similar shape, with the roof and windows tapering from front to back, and near-identical tail lights and character lines on the side panelling. Britain's biggest carmaker had sued Jiangling in a rare move in 2016. Despite widespread and often blatant copying, global automakers generally don't take legal action in China as they feel the odds of winning against local firms are low. Also, a lawsuit can be bad for branding if the Chinese public think a foreign company is bullying domestic competitors. The new Range Rover Evoque will be launched in China in April 2019. Jiangling could not be immediately reached for comment.

Another Green Episode | Autoblog Podcast #665

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and West Coast Editor James Riswick for an episode dedicated to electric cars. First, they talk about what they've been driving, including the Ford Mustang Mach-E, the new base, rear-wheel-drive Porsche Taycan as well as the Polestar 2. Then they dive into some green news, including the reveal of the Audi E-Tron GT, the new Chevrolet Bolt EV and Bolt EUV and plans to go electric by companies like General Motors and Jaguar Land Rover. Autoblog Podcast #665 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving:Ford Mustang Mach-E Porsche Taycan Polestar 2  News 2022 Audi E-Tron GT revealed as sporty, electric cousin to Porsche Taycan 2022 Chevrolet Bolt EUV introduced along with revised Bolt EV General Motors sets goal of being carbon neutral, largely electric by 2035 Jaguar to sell all-electric cars by 2030, and six electric Land Rovers coming in next five years Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video: