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Jaguar Land Rover posts profitable quarter amidst big yearly losses

Jaguar has posted its first profit in quite some time, as the financial quarter ending on March 31 brought in a net income of $151.6 million. However, that is the light in the end of the tunnel, as full year results through March showed a $4.58 billion loss (GBP3.6 billion). The losses are again attributable to declining sales in China, with a whiff of the still-lingering Brexit process. While JLR's annual U.S. sales were up 8.1 percent, and U.K. sales improved by 8.4%, overall sales came down 5.8% to 578,915 vehicles. For April, Chinese sales nearly halved as they dropped by 46 percent. Earlier this year, JLR's woes caused its owner Tata Motors to post the biggest ever quarterly loss in Indian corporate history, at nearly $4 billion. JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround. Speth said JLR has already managed to deliver $1.59 billion (GBP1.25 billion) of efficiencies and savings. JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (GBP2.5 billion) of investment, working capital and profit improvements by March 2020, and that it currently has $4.84 billion (GBP3.8 billion) of cash. Speth continued that JLR will "go forward as a transformed company that's leaner and fitter," and that the sustained investment in new products and technologies will drive future demand. There has been earlier speculation of Tata Motors selling JLR to the PSA Group, but as Autocar reports, Tata's financial chief again refuted these rumors. JLR also announced today that its CFO of 11 years, Ken Gregor is stepping down after 22 years with the company, and that he will be succeeded by JLR's Chief Transformation Officer, Adrian Mardell.

Jaguar re-releases the toolkit the E-Type came with when it was new

Finding a complete, original toolkit is a rare treat for vintage car collectors. Jaguar's Classic division has its finger on the hobby's pulse, so it launched a reproduction of the toolkit placed in every new E-Type between 1961 and 1971. It lets owners put the final, factory-correct touch on their restoration. The British firm rummaged through its archives to find the toolkit's engineering records in order to make it to the exact same specifications as the original. The list of tools included in the bundle includes pliers, a three-piece screwdriver, a screwdriver used to adjust the ignition points, a feeler gauge, a grease gun, a valve timing gun, and an assortment of wrenches. They're all Jaguar-branded, and they come in a leatherette pouch that's just like the one buyers got when they purchased a new E-Type. It fits neatly in a corner of the E's trunk; the only thing missing is a rag to wipe your hands with when you're done wrenching. Jaguar doesn't offer one -- yet. Jaguar noted that only Series I and Series II variants of the E-Type came with the toolkit, and it went out of production nearly 50 years ago. This is a classic British car we're talking about, so you can safely bet the cost of a full, in-house restoration that the tools saw plenty of use. They inevitably ended up in mix-and-match toolboxes over the years. Sourcing a complete kit in good condition is consequently difficult, and expensive; some trade hands for nearly $6,500. Available online from Jaguar - Land Rover's classic shop, the reproduction is priced at 732 British pounds (about $950), so it's a bargain in comparison. Still, we wouldn't blame owners who decide to keep the toolkit for decorative purposes, and use much cheaper tools when wrenching gets serious.

Weekly Recap: The divergent paths of Tesla and Fisker

There's no doubt that Tesla is downshifting while Fisker has been grinding its gears. But it wasn't always that way.
In the wake of Tesla's recent success, it's easy to forget that there were once two California electric carmakers with bright futures.