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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.

Junkyard Gem: 2002 Jaguar XJR

One thing that's a constant in the big self-service car graveyards is the presence of massively depreciated European luxury sedans. These cars come from the factory stuffed full of complex leading-edge technology, and they require the owner to check every box on the maintenance schedule, year after year. Once that 10-year-old A8 or S-Class reaches its fourth owner, broken stuff often goes unrepaired, convenience-store generic oil goes in the engine (that is, if the engine even gets any new oil), and the European Luxury Sedan Doomsday Clock starts ticking. Here's a factory-hot-rod Jag that sold new for quite a bit more than a BMW 745i and just 20 bucks less than a Mercedes-Benz S430, back when Enron's machinations were in the news and a lot of energy-industry execs were about to get their luxury sedans repossessed, now in a Colorado self-serve yard. We live in a golden age of forced-induction engines in U-Wrench junkyards, with all sorts of turbocharged and supercharged machinery just waiting to provide the raw materials for a really stupid engine swap. The 4.0-liter, 370-horsepower V8 in the 2002 XJR would be just about perfect for installation into, say, a Datsun Maxima. This yard charges just $44.99 plus $10.60 in core charges and environmental fees for any supercharger, be it the dime-a-dozen Eaton M62 found on GM 3800s or the mighty M112 that was once buried between the heads on this engine. Thing is, you need to get to a car like this immediately after it hits the yard, because the first junkyard shopper with sufficient tools is going to grab that ultra-cool blower right away. The price tag for this car started at $71,830, which comes to about $105,550 in 2020 dollars. We can assume that some four-figure repair became necessary, and that this car's final owner had to let it go to the highest bidder with cash on hand… which turned out to be U-Pull-&-Pay. Look, you could still get a cassette player in a high-end luxury car in 2002! When do you suppose CD players will finally disappear from new cars? Here in the junkyard, the lowly Kia becomes equal to the majestic Jaguar. Perhaps their metals will be reused in a Geely next year. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The security of knowing you'll never, ever lose it in the parking lot. Featured Gallery Junked 2002 Jaguar XJR View 20 Photos Auto News Jaguar Automotive History Sedan jaguar xjr Junkyard Gems

Lister is now taking offers for 200 mph LFP SUV

Lister is now taking orders for its new LFP SUV, which is a heavily tuned version of the Jaguar F-Pace. Stock, the F-Pace's supercharged V8 engine makes a handsome 380 horsepower, and the SVR version is good for 550 hp. Lister is intent on making the LFP the world's fastest SUV, so that power output has grown to 670 horsepower. The 0-62 mph sprint will only take 3.5 seconds, and Lister says the LFP will go on to reach a top speed of 200 mph. This would leave the 190 mph Lamborghini Urus in second place. While the 707-horsepower Grand Cherokee Trackhawk can hit 62mph in 3.6 seconds, its top speed is "just" 180 mph; the Alfa Romeo Stelvio Quadrifoglio is good for 176 mph and it hits 62 mph in 3.8 seconds. The Tesla Model X, on the other hand, is capable of a 2.9-second 0-62 mph blast, but it will only reach a limited top speed of 155 mph. The company says the LFP's bold top speed figure can be achieved partly thanks to extensive use of carbon fiber – however, the wording is still served with a grain of salt, as Lister says the LFP will "potentially" be the world's fastest SUV, and the claims are yet unverified. The carbon-aided weight reduction also has handling benefits for the large SUV. Lister also released these photos of the LFP, complete with interior shots depicting a more racing-inspired cabin, yet trimmed with luxurious materials. Or as the company blurb says: "Take a look at the interior to see how comfortable 200mph can be". Lister prices the LFP at GBP140,000, or a touch over $180,000. Related Video: