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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.

Nearly-ready electric Jaguar XJ gets scrapped even as JLR announces its EV push

A smattering of news from Jaguar Land Rover landed this morning concerning the brands’ electric futures. One sentence partway through JaguarÂ’s long press release caught our eye, though, and it has to do with the Jaguar XJ. “Although the nameplate may be retained, the planned Jaguar XJ replacement will not form part of the lineup, as the brand looks to realize its unique potential,” the press release states. If youÂ’ve been following Jaguar XJ news, youÂ’d know that Jaguar planned on making the next-generation XJ a fully electric car. ItÂ’s been in development for several years. Jaguar has been talking it up pre-reveal, and weÂ’ve even spied the car out testing a couple times. We were expecting a debut event for this new electric XJ to happen any time now. Theoretically, it should fit in perfectly with JaguarÂ’s vision to sell 100% electric cars by 2030, right? Apparently not, because itÂ’s dead. We contacted Jaguar to get a better explanation for what is going on here. Jaguar XJ 1 View 10 Photos When queried, a spokesperson sent us this in response: “Following a thorough technology review against the exponential change in the automotive industry, we concluded that the planned XJ replacement does not fit with our vision for a re-imaged Jaguar brand. We have made the tough decision that it will not form part of the lineup, as the brand looks to realize its unique potential. However, the nameplate may be retained.” To make doubly sure that Jaguar is indeed throwing out a nearly-ready EV the same day it announces an all-EV future, we asked again, and Jaguar confirmed. “We were working on an XJ EV, but have moved on to a different approach for the entire Jaguar EV lineup vision based around a new unique Jaguar EV dedicated platform, all due in 2025,” a spokesperson sent us. So there you have it. The electric XJ was said to be built on the Modular Longitudinal Architecture (MLA) platform, and Jaguar touted it as "the world's first, full-electric luxury sports saloon.” Now that thereÂ’s a new Jaguar-dedicated EV platform in the works, the XJ on the MLA platform is canned. We asked Jaguar for more details about the why of this situation, and the above, quoted explanation hints at it. Maybe the “technology review” found that the car Jag was putting together just didnÂ’t measure up to the competition? The new platform will certainly offer much better performance and range than JaguarÂ’s current technology is capable of.

Lotus Esprit S1 gets wet and wild in 'Forza Horizon 4' James Bond trailer

It only makes sense. When the official trailer for Forza Horizon 4 ( FH4) first debuted at E3, details showed the game is set in Britain. Those who were ahead of the curve might have recognized this as a foreshadowing of sorts. Celebrating the launch of FH4's XBOX One and Windows 10 demo on Sept. 12, Playground Games announced that the next version of the beloved racing simulator will launch with an available Best of Bond pack that includes many of James Bond's storied rides. As expected, the list is heavy on the Aston Martin, but there are plenty of other goodies, too. Included in the 10-car pack are the 1964 Aston Martin DB5, a 1969 Aston Martin DBS, a 1986 Aston Martin V8, a 2008 Aston Martin DBS, a 2015 Aston Martin DB10, a 1974 AMC Hornet X Hatchback, a 1977 Lotus Esprit S1, a 1981 Citroen 2CV6, a 1999 BMW Z8, and a 2010 Jaguar C-X75. If you can name every movie that all of these vehicles are from, pat yourself on the back and grab a martini. View 15 Photos Microsoft is rewarding those who are all-in on FH4. The Best of Bond pack will come with the Ultimate Edition of the game that is allowed an early play date, starting Sept. 28. For those who haven't fully committed, the Best of Bond pack will be available as an add-on for purchase when the game launches globally on Oct. 2. The action-packed trailer shows many of the vehicles transforming or busting out tricks they're known for from the films, including the Lotus emerging from the sea. Although players will not be able to drive any vehicles under water (that we know of), several of the gadgets will make it into the game and will be viewable during Forzavista mode. The '64 DB5 has many of its features, such as the bumper rams and revolving license plate, while the Lotus will have an available body kit, fins and all. The Bond pack also comes with a few features irrelevant to the cars, including two Bond outfits and six "quick chat" phrases that can be used during multiplayer. The pack adds to an already impressive catalogue of vehicles that includes more than 450 different rides. Available now to pre-order, the FH4 Ultimate Edition is priced at $99.99, the Deluxe Edition is $79.99, while the base game is $59.99. For those who love Bond but don't own a gaming system, don't forget about the recently announced DB5 Lego kit.