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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 to create Panthera electric vehicle platform in-house

Jaguar Land Rover CEO Thierry Bollore isn't trying to make Jaguar's turnaround, called "Reimagine," easy nor inexpensive. What it appears he's most interested in doing is making sure the turnaround creates a range of Jaguar electric vehicles that exude the historic Jaguar-ness the brand still gets credit for but hasn't been known for in a while. He had told Autocar last year that future products must be "really modern luxury cars that are the copy of nothing in style or design, the top of technology and refinement, but not looking backwards." Since then, the brand had cast around for an existing electric platform created by another automaker or a supplier that it could adopt for Jaguar use, but nothing met the standard. Instead, Autocar now reports the English carmaker will create its own EV platform in-house. Company CFO Adrian Mardell said in an investor call the platform is called "Panthera," which is the scientific name for the genus of large cats that include jaguars, leopards, lions, and tigers. Bollore said, "Concerning the new Jaguar, we're making unique proportion a priority. That's the reason why at the moment we do it by ourselves." Some have fastened on the phrase "at the moment" to suggest the Panthera plan could be temporary. And while that's possible — there have been a lot of temporary plans all over the industry for the past few years — Jaguar is expected to release the first EV in its new lineup in 2025, so the plan couldn't be temporary for long. Slightly under four years from now would be just enough time to create a new mechanical architecture on a new technical foundation to serve a new vehicle. Emphasis on "just." The Panthera platform makes sense, if Jaguar can pull it off. Bollore wants the coming Jaguars to be considered alongside Bentley and Aston Martin, so he'll need those unique proportions along with brilliant design to draw buyers that haven't considered the brand in ages, if ever. The makeup of the revamped model line remains murky. On the sedan side, it's thought the XE and XF might become a single midsize four-door. The return of a true flagship sedan isn't clear, but it seems a good possibility considering the intended competition and as a differentiator with sister brand Land Rover. As to crossovers, the E-Pace and F-Pace might make the transition to battery power, and a new J-Pace flagship crossover looking unlikely in order to, again, maintain space from Land Rover.

JLR confirms next Jaguar XJ will be all-electric

Jaguar-Land Rover confirmed today what has long been rumored: the next-generation Jaguar XJ will be all-electric. On stage to introduce the new Land Rover Defender, company CEO Ralf Speth made the announcement as a teaser image of the new electric XJ's full-width taillight bar appeared on screens behind him.  As quoted by AutoExpress, Speth said, "Based on our rich knowledge and experience gained from the I-Pace, Formula-E and I-Pace eTROPHY, our engineering team is in full swing to deliver the world's first, full-electric luxury sports saloon. The flagship of Jaguar: the all-new XJ." He continued, "The new, all-electric XJ - extraordinarily remastered for the 21st century - will offer spiritual freedom for our customers ... Gliding in elegance, new tranquility and new functionality, and in full consciousness taking care of the environment." Well, let's unpack that a bit, shall we? First, "the world's first, full-electric luxury sports saloon?" Even if you split hairs and deem the Tesla Model S a hatchback, there's a little thing called the Tesla Model 3. That's definitely a saloon, or as we in North America call it, a sedan. Unless he meant the North American definition of a saloon, in which case the Tesla is most definitely not that.  Also, the new XJ will help customers achieve spiritual freedom? Whatever. Jaguar's longest-running nameplate going all-electric isn't surprising, but it can only be good news for the British luxury brand, which could use a win. The current XJ made waves with its controversial styling, but that was nearly a decade ago. Thereafter, it never gained enough attention in America from wealthy buyers who'd otherwise buy a BMW 7 Series, Mercedes S-Class or even Porsche Panamera. Basically, what the Tesla Model S was able to achieve with distinctive styling, and of course, an all-electric powertrain. Plus, unlike the recently introduced Porsche Taycan, an all-electric Jaguar XJ should offer space more on par with Tesla's big sedan/saloon/hatchback.  AutoExpress also indicates in its story that the new XJ will still be built in England, as will its batteries. There will apparently be a new battery-producing facility opening in 2020 with the goal of producing enough batteries for as many as 150,000 Jaguar and Land Rover vehicles per year.