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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.

Jaguar Land Rover to cut thousands of UK jobs

LONDON — Britain's biggest carmaker Jaguar Land Rover (JLR) is set to cut thousands of jobs as the company faces lower demand in China and a slump in sales of diesel cars in Europe. The central English firm builds a higher proportion of its cars in Britain than any other major or medium-sized carmaker and has also spent millions of pounds preparing for Brexit, in case there are tariffs or customs checks. Britain's business minister Greg Clark said on Thursday it is clear why a no-deal Brexit would add to the problems with further costs and disruption. JLR lost 354 million pounds ($450 million) between April and September 2018 and had already cut around 1,000 roles in Britain, shut its Solihull plant for two weeks and announced a three-day week at its Castle Bromwich site. Its Chief Executive Ralf Speth warned in September that the wrong Brexit deal could cost tens of thousands of car jobs and posed a threat to production at the automaker. The Tata Motors-owned company, which employs around 40,000 people in Britain and has boosted its workforce at new plants in China and Slovakia in recent years, unveiled plans to cut costs and improve cash flows by 2.5 billion pounds last year including "reducing employment costs and employment levels." Those cuts will be "substantial" and run into the thousands, the source told Reuters. "The announcement on job losses will be substantial, affecting managerial, research, sales, design," said the source, who spoke on condition of anonymity, not affecting production-line staff "at this stage." The company declined to comment when contacted by Reuters on Thursday. Ford also said on Thursday it will cut thousands of jobs in Europe, exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort aimed at improving profit margins in the region. Brexit warnings JLR, which became Britain's biggest carmaker in 2016, had been on course to build around 1 million vehicles by the turn of the decade, reported on Thursday a 4.6 percent drop in full-year sales to just under 600,000 vehicles. Demand in China, which had once been one of its strongest countries but has since been hit by a slowdown, fell by 21.6 percent, the biggest drop of any of its markets. "The economic slowdown in China along with ongoing trade tensions is continuing to influence consumer confidence," said Jaguar Land Rover Chief Commercial Officer Felix Brautigam.

Jaguar redesigned the F-Type for 2021, and you can win one here

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment is necessary to enter or win this sweepstakes. See official rules on Omaze. Before it was redesigned for the 2021 model year, the Jaguar F-Type was one of the best-looking vehicles on the market. The same can be said for the updated version. What also hasn’t changed is the fact that, while it looks great, it sounds even better. Thanks to a supercharged V8 that makes 575 horsepower, the growl of the F-Type can be heard long before you see it coming. Oh, itÂ’ll turn heads. ItÂ’s also quite a bit of fun to drive too. And Omaze is giving one away.  Win a 2021 Jaguar F-Type R Coupe - Enter at Omaze HereÂ’s what we thought of the F-Type when we first drove it last summer: “Being behind the wheel of the V8-powered F-Type R also remains an absolute hoot. You sit low in the cockpit, looking out over the long hood — we couldnÂ’t see the end of it without raising the seat up a smidge. The round steering wheel is large for a sports car, and while the leather is supple and grippy, it was tough to find a position where our hands were comfortable and our fingers could reach the clicky metal paddle shifters. Two seat types are available on F-Type models, but the more aggressive 'Performance' seats come standard on the R. TheyÂ’re plenty bolstered, but wide enough to not be restricting on longer journeys. “The supercharged V8 fires up with a loud snarl, but a new Quiet Start mode can tone it down by closing the valves in the exhaust at startup. Your next-door neighbors will appreciate this feature, as the F-Type R is one of the loudest vehicles with a factory exhaust weÂ’ve ever tested. The engine and exhaust dominate the experience of the car from start to finish. Volume levels range from extremely loud to how the hell is this legal?  “Jaguar claims 60 mph comes in just 3.5 seconds, so acceleration within the speed limits is short-lived. This engineÂ’s nature, the way it makes power, is the most alluring part of the acceleration. You donÂ’t have to wait that split second for a couple turbos to spin up. The power is simply here, and thereÂ’s zero disconnect between your right foot and the Jag bounding forward. DonÂ’t shift before max horsepower comes on at 6,500 rpm, either, as the feeling of forward thrust just gets stronger the more you wind it out.