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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

Jaguar Land Rover to skip 2016 Detroit Auto Show

Jaguar Land Rover won't attend the 2016 Detroit Auto Show in January because the automaker will shift its focus to other international shows instead, the company confirmed to Autoblog. "Following a review of our global consumer engagement program, the decision has been made not to exhibit at the Detroit show in 2016," said a company spokesperson told Autoblog. The story was first reported by Automotive News. JLR will continue to attend other US auto shows in Chicago, New York, and Los Angeles; plus those abroad in Geneva, Frankfurt, Paris, Beijing, and Shanghai. "We recognize that the Detroit show is a world-class Tier 1 auto show, however, we have had to make this decision to sharpen our focus as indicated," the spokesperson said. Detroit Auto Show PR Manager Max Muncey told Autoblog that the organizers already knew JLR wouldn't be there. "We are in discussions with other automakers to fill that spot," he said about using the open space. The show expects 70 percent of the floor plan in 2016 to be different from last year. The automaker used the 2015 Detroit Auto Show to announce diesel versions for several models, and it revealed the name for the Jaguar F-Pace there. JLR reportedly now has a plan to cut the equivalent of $6.8 billion in costs without firing workers and increase production to a million annual deliveries by the end of the decade. Related Video:

Jaguar XJS gets resto-mod treatment from England-based TWR

From the Volvo P1800 to the Porsche 928, the resto-modding trend has propelled numerous classics into the 21st century. Born-again English firm TWR rummaged through its own backyard to jump on the bandwagon: it unveiled an updated version of the Jaguar XJS. Known as the Supercat, the resto-modded XJS shares little more than a silhouette and a few basic styling cues with the coupe that inspired it. It's more muscular-looking thanks to a body kit that adds a front splitter, Group B-esque wheel arch flares, a rear spoiler and a massive diffuser integrated into the rear bumper. It gets modern-looking LED lights on both ends, and it rides on center-locking wheels. TWR notes that the body panels are made out of carbon fiber to keep weight in check. Interior pictures haven't been released, though we're told nearly every part of the car will be highly customizable, and we'll need to be patient to find out precisely what's under the hood. To whet our appetite, TWR mentioned a V12 engine supercharged to 600 horsepower and a six-speed manual transmission. All told, it has taken the company more than two years to reach this stage, including intensive real-world testing. TWR notes that the Supercat will make its dynamic debut during the summer of 2024 (our money is on the Goodwood Festival of Speed). If you want one, act fast: production is limited to 88 units globally and pricing starts at GBP225,000 excluding taxes, which represents about $281,500 at the current conversion rate. Dollars matter here: unlike some resto-mods, the Supercat was developed with our market in mind. If the XJS isn't your thing, TWR stresses it has additional resto-modded projects in the pipeline. It hasn't revealed what's next, however. Jaguar XJS View 6 Photos The donor car Released as the XJS for 1976 as a replacement for the E-Type, the two-door Jaguar (shown above) was offered in numerous configurations during a production run that lasted well beyond even the company's expectations; it remained part of the range until 1996. It was offered with a straight-six, a V12, a stick, an automatic, as a coupe, and as a convertible, and it received numerous updates inside and out to remain relatively fresh. Related Video: