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Jaguar Land Rover planning to allow owners to earn cryptocurrency

Jaguar Land Rover, Britain's largest auto manufacturer, said on Monday it is testing software that will allow drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data. The company is developing what it calls "smart wallet" technology to be installed in its automobiles. This would reward Jaguar car drivers with IOTA coins for actions such as enabling their vehicles to automatically report useful data, such as traffic congestion or potholes to navigation providers or local authorities. Drivers could also earn rewards if the car participates in a ride-sharing program, Jaguar said. The tokens earned could be used to pay for tolls, parking and charging for electric cars. The overall goal was to "achieve zero emissions, zero accidents, and zero congestion," the company said. Global car companies are exploring blockchain applications, figuring out different ways in which they can leverage the technology to suit their different needs. Blockchain, the system powering cryptocurrencies like bitcoin, is a shared database that is maintained by a network of computers connected to the internet. The British car company is testing the technology at the new Jaguar Land Rover software engineering base in Shannon, Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with "smart wallet" features, the company said. It does not yet have a timetable for when it will be commercially available, said Jaguar, a subsidiary of Tata Motors. The IOTA token is based on a distributed ledger technology that enables people and machines to transfer money and data without any transaction fees. IOTA trades on digital asset exchanges and was last at 27 U.S. cents per token. "The smart wallet technology ... can be easily adapted into all new vehicles," Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters on Friday. "IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy," he added.

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.

Crowd sets Waymo self-driving vehicle ablaze in San Francisco

A crowd vandalized and set fire to a Waymo self-driving car using a firework in San Francisco on Saturday, the Alphabet-owned company and authorities said, marking the most destructive attack so far on driverless vehicles in the U.S. On Saturday night, a crowd surrounded a white sport utility vehicle that was moving along a street in the city's Chinatown district, a company spokesperson said. Michael Vandi, a witness who posted videos of the incident, told Reuters that people were celebrating China's Lunar New Year by setting off fireworks. A person jumped onto the hood of the Waymo vehicle and broke its windshield. Another person also jumped on the hood 30 seconds later as some in the crowd clapped in approval, he told Reuters in an X direct message. "That was when it went WILD," he wrote, describing people with skateboards breaking the glass and others graffitiing the car. "There were 2 groups of people. Folks who encourage it — and others who were just shocked & started filming. No one stood up — i mean there wasnÂ’t anything you could do to stand up to dozens of people." His video showed the vehicle engulfed in flames with a huge plume of black smoke. Waymo said someone threw a firework inside, which set the vehicle on fire. The fire department posted pictures on social media of the charred remains of the car and said a firework started the blaze. "The vehicle was not transporting any riders and no injuries have been reported. We are working closely with local safety officials to respond to the situation," the company said. It did not say what caused the attack. The San Francisco Police Department said it was investigating the cause of the fire and did not say whether arrests have been made. The electric car, a Jaguar I-PACE, is equipped with 29 cameras and other sensors. The latest incident came a day before the Super Bowl NFL championship involving the San Francisco 49ers and the Kansas City Chiefs. "This was a one-off event," the Waymo spokesperson told Reuters, adding it will "continue serving riders during todayÂ’s festivities." The incident was not the first time people have harassed self-driving cars, but its severity may illustrate growing public hostility following a pedestrian-dragging accident last year involving a vehicle operated by General Motors' Cruise unit.