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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.

2019 Jaguar F-Pace SVR First Drive Review | Magnificent beast

ST. TROPEZ, France — Summarizing a new car in just two words is a wicked challenge, but here goes: Magnificent beast. That's the nickname Jaguar's engineering team gave the 2019 F-Pace SVR, and ... spoiler alert ... it's actually a damn fine descriptor for the 550-horsepower sport ute. The hot-rod SUV genre has been endlessly expanding, pioneered by the likes of the Porsche Cayenne. Recent contenders like the Alfa Romeo Stelvio Quadrifoglio and Mercedes-AMG GLC 63 keep the competition on its toes by busting Nurburgring Nordschleife lap records that shamed supercars from just a few years ago. The Jaguar F-Pace SVR arrives a tad late to the high-speed party. Previously available with as much as 380 horsepower from a supercharged V6, the new SVR plays ball packing a 5.0-liter V8 beneath its vented hood. The supercharged mill punches 550 hp and 502 lb-ft through an eight-speed ZF automatic. Power is routed to all four wheels, naturally, but the SVR is also the first F-Pace to get torque vectoring thanks to an electronically controlled rear differential. Also aiding the F-Pace through the corners are stiffer springs, reprogrammed adaptive Bilstein dampers, 12-inch forged aluminum wheels and a brake-based torque vectoring system. Additional go-fast goodies include lift-reducing aero, better engine ventilation, and larger four-piston front and two-piston rear ventilated brakes housed in larger 21-inch wheels. The F-Pace SVR's cabin offers more sporty austerity than before. Slimmer, supportive 10-way adjustable seats echo the SUV's more focused road manners, as do aggressive color schemes, contrast stitching, and a suede headliner. Small touches also signal the sharper edges, including an F-Type-derived shifter in place of the mediocre rotary gear selector. It doesn't inherit Jaguar's latest dual-screen infotainment system, updated steering wheel, or second-gen heads up display, as does the recently updated XE sedan. The F-Pace SVR shares a similar tune to the 575-hp F-Type SVR, but the SUV's V8 fires up with a milder bark. A new exhaust valve adjusts its butterfly valves gradually, avoiding the "light switch" transition from quiet to loud. And speaking of loud, while the blarty exhaust note isn't as in-your-face as some of Jaguar's more vocal models, U.S. versions might be slightly raspier since the European model I was driving was equipped with a gasoline particulate filter that has a slight muffling effect.

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.