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Strong JLR sales in China boost Tata Motors' quarterly profit

BENGALURU, India — Tata Motors Ltd on Friday posted a 67.2% surge in quarterly profit. Sales at its luxury car unit, Jaguar Land Rover (JLR), improved in key market China as the country led a recovery in the global automobile industry from the pandemic. The Indian carmaker had logged losses for three straight quarters as the COVID-19 pandemic dented business in several of its key markets even as it was already dealing with uncertainties around Brexit, weak demand and rising costs. The Brexit trade deal agreed upon in December has avoided the risk of tariffs on automotive parts and finished vehicles, Tata Motors said, adding that JLR remains encouraged by the Brexit trade deal. JLR sales in China jumped 20.2% on-quarter and were 19.1% higher from the year-ago period. Retail sales at the unit, which accounts for most of the company's revenue, were up 13.1% from a quarter ago, but still 9% lower than pre-pandemic levels. The company said it had saved 400 million pounds ($548.96 million) during the December quarter at JLR under Project Charge, taking the total savings to 2.2 billion pounds so far. Tata Motors has set a full-year target of saving 2.5 billion pounds. Consolidated net profit came in at 29.06 billion rupees ($398.52 million) for the third quarter, compared with a profit of 17.38 billion rupees a year earlier. It had reported a loss of 3.14 billion rupees in the previous quarter. The festive season in mid-November, during which Indians typically make big-ticket purchases, also helped overall sales. "Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in last 33 quarters," Tata Motors Chief Executive Officer and Managing Director Guenter Butschek said. Total revenue from operations rose 5.5% to 756.54 billion rupees.

Jaguar likely moving HQ to Britain's most iconic racetrack

Jaguar Land Rover looks increasingly likely to make Britain's iconic Silverstone race track the automaker's new headquarters. There isn't a final deal in place yet, but the British Racing Drivers' Club, which owns the circuit, plans to have the membership vote on whether the negotiations should move forward, according to Autosport. BRDC leaders already presented the plan to members, and they were open to the idea. "The response was favorable so we will now set up an EGM for the members to vote and give the board a mandate to proceed with the deal and continue with the negotiations with JLR," BRDC president Derek Warwick told Autosport. There's no guarantee yet that JLR actually completes the deal. "There's still a lot of work to do to get the deal to where both sides are happy and more importantly what's right for the BRDC and its members." Warwick said. Rumors in early December suggested JLR was among the firms submitting bids to purchase the track, and the automaker allegedly offered 22.7 million pounds ($34.1 million at the time) for it. The company would also reportedly invest nearly $80 million to renovate the site, including adding a museum, experience center, hotel, and offices. The track would still be open for motorsport, too. Silverstone has hosted the Formula One British Grand Prix many times over the decades, and organizers signed a 17-year deal in 2009 to keep things that way well into the future. Series like the FIA World Endurance Championship, MotoGP, and British Touring Car Championship also compete there. Related Video:

Nearly 200 units of the Jaguar I-Pace recalled again due to fire risk

Jaguar has issued a safety recall that applies to nearly 200 units of the electric I-Pace. The crossovers included in the campaign can catch fire due to a battery-related problem, and they should have already been fixed but ended up not receiving the required software update. Assigned recall number 23V-709 by the National Highway Traffic Safety Administration (NHTSA), the recall includes 199 examples of the 2019 to 2023 I-Pace built between February 15, 2018, and February 7, 2023. These vehicles were also part of recall number 23V-369 issued in March 2023. Jaguar has since received one new report of a car in the United States catching fire; the incident happened on September 8, 2023. When it issued the original recall, it cited eight reports of an I-Pace catching fire on our shores between June 2019 and May 2023. Jaguar explains the recalled cars are at risk of a "thermal overload," which can manifest itself as "smoke or fire" that "may occur underneath the vehicle, where the high-voltage traction battery is located." The company hasn't detailed the root of the problem, but it previously noted that the updated software monitors the battery pack's status, detects when it's at risk of a thermal overload, and warns the driver accordingly. It also limits the battery's charging capacity to 75% if it identifies a problem and instructs the driver to visit a dealer as soon as possible. The issue is that some dealers "used a non-approved service diagnostic tool" that didn't upload the updated software to the car, hence why the 199 vehicles included in campaign 23V-709 are being recalled a second time. Jaguar's fix remains the same: It's asking owners to take their I-Pace to the nearest authorized dealership so that a technician can update the Battery Energy Control Module (BECM) software. Owners who have already paid to get the problem fixed will be able to claim a refund from the British brand. And, they're being asked to park their car away from structures, such as a garage or a house, and charge outside for 30 days after the software update has been completed. Jaguar will begin notifying owners of affected cars by mail on December 15, 2023.