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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 teases four-door EV grand tourer; electric Range Rover orders open this year

Jaguar just revealed a few vital details about a new EV it says will be revealed by the end of 2023, and Land Rover shared a little update about its upcoming electric Range Rover, too. Starting with the Jag, JLR — the new, official name for Jaguar Land Rover — announced that its next electric vehicle will be a four-door GT car. The image above is the teaser the company provided. Power output will be greater than any previous Jaguar, with the current record holder being the XE SV Project 8 at just over 590 horsepower. Range is claimed to be about 430 miles on a full charge (Jaguar doesn't specify the test cycle type), but that number could be different (and likely lower) here in the United States once EPA testing takes place. Jaguar says the grand tourer will debut its new in-house EV platform that is officially named JEA, which is unrelated to the electric XJ that was scrapped a couple years ago. And lastly, Jaguar says the vehicle will start at GBP100,000 in Great Britain. Pricing for the United States wasnÂ’t estimated, but a direct conversion at todayÂ’s rates puts it at about $124,000. Considering the price point, power level and range, this Jaguar is shaping up to be a potential Porsche Taycan competitor. The single teaser image at the top of this post suggests the same, as the photo shows a car with a fast-sloping roofline and wide, bulging fenders. ItÂ’s an exciting teaser, as it pretty much confirms that Jaguar will be coming in hot with a spicy-looking electric four-door. The last detail about this Jag confirmed today is its production site, as Jaguar says it will build the vehicle at its Solihull plant in the West Midlands, England. As for the Range Rover news, weÂ’ve known an electric Range Rover was on its way, now we know that the vehicle will launch in 2025. JLR says it will begin accepting orders for the electric Range Rover later this year, but didnÂ’t set an official date. The electric Range Rover will be built at JLRÂ’s Halewood plant in Merseyside, England. Those are all the details we know about today, but expect more teasers and information leading up to the reveal of these new EVs later in 2023. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2019 Jaguar XE SV Project 8 First Drive Review | Cat track fever

It doesn't take long for the cognoscenti to spot me. At stoplights, street corners, and parking lots, the 2019 Jaguar XE SV Project 8's swollen bodywork and park bench-sized tail attract the fanboys like iron to a magnet. My Velocity Blue tester is one of the few Project 8 cars in the States, and I can't remember the last modern Jaguar with so much head-turning charisma. If you're not up to speed, the Project 8 is Jaguar's surprise salvo into sedan madness. And Jag didn't half-ass it, either: it's Jag's biggest engine – a 592-horsepower, supercharged 5.0-liter V8 – stuffed into their smallest steed, the compact XE. Think Aston Martin V12 Vantage, AC Cobra 427, et al. Aiding downforce is a wing that delivers 269 pounds of downforce at 186 mph, so much that Jaguar had to reinforce the trunklid to prevent it from denting at high speeds. There's a flat underbody for reduced lift, and lightweight carbon fiber and aluminum body panels replacing all but the front door skins and roof. The purposeful theme is carried into the cabin, with snug racing buckets up front and seating limited to four. The boy racer cues bely some serious equipment. It's 68 lbs lighter than the next-lightest SE, the 380-hp S AWD supercharged V6. There's also a whole lot of tightening throughout, from the spring rates to the firmer engine mounts. In fact, the stiffening feels like it's been cranked to 11 – even in Comfort mode, the ride is taut and sometimes jarring, never quite feeling at ease enough. If you dig feeling every last ripple in the tarmac, it's wonderful, but anyone seeking a wallowy, coddling ride will find the Project 8 too much. The Project 8's razor sharp feedback begs you to drive on public roads like you're lapping Nardo or the Nurburbring – two of the circuits where the car was developed. But despite its legit origins, dicing such an overtly extroverted car through traffic can also be an enormous social liability. Go-fast sticker graphics? Check. Ginormous wing? Yep. Banana yellow brake calipers? Duh. This is weaponized transport for the street, enough to make the meekest driver look like he or she has something to prove. The Project 8's Alcantara-trimmed interior compliments the aggressive exterior, as do the snug-fitting seats, which use magnesium frames for weight savings (non-U.S. markets go a step further, with carbon fiber seats with four point harnesses). Squeeze the accelerator, and the XE responds with a shove and a snort even from low RPMs.