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Jaguar Land Rover to cut $6.8 billion in costs

Jaguar Land Rover reduce costs by $6.8 billion and will push annual production volume to 1 million vehicles under a secret project called Leap 4.5, according to Reuters. The British automaker wants to achieve these ambitious goals by the end of the decade to compensate for the changing market in China and to counteract the price of meeting stricter emissions standards around the world. Leap 4.5 won't mean firing workers or cutting the automaker's $4.5 billion annual research budget. JLR will instead find savings by underpinning more models with modular platforms and by adjusting its supply chain. Future factories like the one in Brazil and the proposed plant in Slovakia also won't be affected by the new strategy. Globally, JLR continues to grow, and deliveries are up two percent through October 2015 to 390,965 vehicles. Business just last month was up 24 percent year-over-year to 41,553 units. However, the auto market's downturn in China has taken a bite out the automaker's success because volume dropped there 32 percent in the third quarter, Reuters reported. A global volume of 1 million vehicles will mean more than doubling 2014's 462,678 deliveries, but JLR has made significant investments to boost production recently. In addition to the future factories, it opened its first plant in China last year and an engine assembly site in the UK. The company also signed a deal with Magna Steyr in 2015 to build an upcoming model in Austria. Related Video:

Tata to shed 1,100 Jaguar Land Rover jobs after coronavirus hits earnings

BENGALURU — India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak. Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved. It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from the more than 3 billion pounds it has spent annually in previous years. "Conserving cash and prioritizing capital expenditure, and targeting investment spending to the right areas is our focus," Balaji told reporters, after the company posted a fourth quarter loss. We anticipate that up to 1,100 agency employees will be affected, a JLR spokeswoman said in a separate statement. Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021. The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR. Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31. JLR, which contributes the bulk of Tata Motors' revenues, reported a pre-tax loss of 501 million pounds for the period after it took a hit of 800 million pounds because of the novel coronavirus, Balaji said. He said there were signs sales were recovering in China, one of JLR's biggest markets, as well as in the United States and in Europe, with strong orders for Land Rover's sport-utility vehicle Defender and Range Rover's Evoque. JLR's boss Ralf Speth, who has led the company since 2010, will step down from his role at the end of his contract term in September. ($1 = 76.0446 Indian rupees) ($1 = 0.7954 pounds) (Reporting by Chandini Monnappa in Bengaluru and Aditi Shah in New Delhi; Editing by Shounak Dasgupta and Sriraj Kalluvila)

Junkyard Gem: 1990 Jaguar XJ-S Convertible

The Jaguar XJ-S sold for big money, cost big money to keep running, and depreciated hard once its edges got a bit rough. You'll still find examples of the XJ-S in the big American self-service yards nowadays, but this '90 is the first convertible I have found in many years. 4,715 1990 XJ-Ss were sold in the United States; I haven't been able to find a reliable figure for the number of convertibles, but it must have been small. That makes today's Junkyard Gem a real rarity— not as hard to find as a Ford Tempo All-Wheel-Drive, of course, but still a prize. Jaguar kept the 5.3-liter V12 in production from 1971 through 1992, and when it was running properly — which wasn't as often as XJ-S owners wished— it couldn't be beaten for smoothness. By 1990, Jaguar had switched from fuel injection by The Prince of Darkness to a system made by Magneti Marelli. This one is quite rough, and it shows signs of having been parked outdoors with the top down for a few years. Since you can buy nice examples for well under ten grand, restoring this one would have been a money-losing proposition. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Some of you may remember a cameo by a similar XJ-S convertible in the film The Big Lebowski. In it, Bunny Lebowski reveals that none of her toes have been cut off by kidnappers; some suspension of disbelief is required here, because Americans couldn't buy the '90 XJ-S with a manual transmission. Maybe it's a gray-market six-cylinder car. The price tag on a new 1990 XJ-S convertible was a stunning $57,000, which comes to about $113,000 in inflation-adjusted 2018 dollars. Still, BMW shoppers had to pay $70,000 for a new 750iL that year, and that V12-powered machine didn't even have a convertible top. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Here is V12 power wrapped in soft leather. Related Video: Featured Gallery Junked 1990 Jaguar XJ-S Convertible View 22 Photos Auto News Jaguar Automotive History