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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.

Jaguar's design boss wants to build another sports car model

The global sports car segment is facing a strong, glacial headwind, but Jaguar believes smoother waters are right around the corner. One of the company's top executives predicted the market will recover in the coming years, and he wants his team to be ahead of the curve when that happens. "Jaguar will always build sports cars. I'd love to do more than one," affirmed Julian Thomson, the man who replaced Ian Callum at the head of the brand's design department, in an interview with British magazine Auto Express. The only sports car currently in the Jaguar portfolio is the F-Type. While enthusiasts still love sports cars, the run-of-the-mill buyers that keep automakers profitable have rejected them in favor of crossovers and SUVs. And, requests for cleaner, more efficient cars make developing fun cars considerably more difficult; even Mazda is looking into taking the Miata into hybrid or electric territory. Jaguar faces the same challenges, but Thomson expects the sports car segment will rise up from its ashes when motorists realize they're trapped in a sea of crossovers. "In this day and age of electrification and autonomous technology, a part of me thinks there may be a resurgence of people enjoying transportation for transportation's sake, and driving for driving's sake," he said. "Whether that makes the market bigger I don’t know, but I think there is a threat to volume production cars, and they are going to struggle to find a position on what they do. IÂ’d hope that truly special and luxury cars, sports cars, will find a place where they have the option to be more exotic." He stopped short of confirming a second sports car is under development, so it's far too early to pinpoint the segment it would compete in. In the meantime, Jaguar just gave the F-Type a facelift (pictured), and its vehicle development team has already started working on the model's successor. The rumor mill has started spinning; we've heard reports of the nameplate pulling a Corvette by going mid-engined, adopting BMW's 4.4-liter V8, and getting a battery-electric powertrain. The latter option would slot neatly into Jaguar's electrification push, but Thomson hinted it's easier said than done. He explained making an electric sports car with a huge amount of power, like the 2,000-horsepower Lotus Evija, is not the answer.

Jaguar's first ever production EV is finally here

Transcript: Jaguar goes all-electric with the production 2019 I-Pace. The 2019 Jaguar I-Pace has been revealed in Graz, Austria ahead of its public debut in Geneva. Originally revealed back in 2016 as a concept, the EV has been heavily influenced by the C-X75 supercar concept. The I-Pace is Jaguar’s first all-electric vehicle and will include a 90 kWh battery with a range of 240 miles. Jaguar says it can recharge to 80% in just 40 minutes on a 100-kW DC fast charger. The all-wheel-drive SUV has an output of 349 hp and 512 lb-ft of torque with the help of twin Jaguar-designed concentric motors. A Touch Pro Duo infotainment system comes standard and includes a 10-inch upper and a 5.5-inch lower touchscreen. The I-Pace software will also benefit from over-the-air updates. Pricing will be announced March 6th with U.S. customers receiving the I-Pace in the second half of 2018. Jaguar revealed their anticipated I-Pace EV in Austria, ahead of its public debut in Geneva. The electric SUV will include a 90 kWh battery with a range of 240 miles, and a power output of 349 horsepower and 512 pound feet of torque. The I-Pace will also feature an over-the-air updates, a first for Jaguar. Want more coverage of the 2018 Geneva International Motor show? Head over to www.autoblog.com/geneva-motor-show Geneva Motor Show Jaguar Autoblog Minute Videos Original Video jaguar i-pace i-pace