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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 Vision Gran Turismo SV ups the performance of the virtual sports car

Last year, Jaguar created its very first concept car made specifically for the Gran Turismo video game series, and this year it's following it up with an even faster racing variant. It's called the Jaguar Vision Gran Turismo SV, and it has some pretty wild specifications. This virtual racing machine no longer uses three motors, but four, with the extra motor being fitted to the front and allowing torque vectoring at all four wheels. Output has increased substantially to 1,877 horsepower and 2,478 pound-feet of torque. The regular Jaguar Vision Gran Turismo "only" made 1,005 horsepower and 885 pound-feet of torque. Jaguar claims a 0-60 mph time for the SV of 1.65 seconds and a top speed of 255 mph. That top speed might be higher if it weren't for the various aerodynamic aids adding downforce. It has a huge splitter, diffuser and long adaptive rear wing. The car can create up to 1,000 pounds of downforce at 200 mph. One other wild performance feature is the cooling system for the lithium-ion battery pack. It has a coolant circuit with liquid nitrogen that ensures the battery doesn't overheat when discharging the massive amount of electricity to run the powerful motors. Though Jaguar will likely never actually produce a functional version of this car in real life, the company did at least create a full-size model of it. It should be impressive in person given its extraordinarily low, wide and long shape. We're hoping it shows up at car shows when the pandemic subsides. The virtual car is due to be available in 2021. Jaguar didn't specifically say which version of Gran Turismo is will be featured in. The regular car can be driven in "Gran Turismo Sport." The racing version could be added to "Gran Turismo Sport," but the launch date of 2021 has us wondering if it will instead show up in "Gran Turismo 7" for PlayStation 5. Related Video:

Jeremy Clarkson's Jag going up for auction

Fans of Top Gear host Jeremy Clarkson might want to make plans to be in the UK next weekend. On August 24, Anglia Car Auctions in King's Lynn is auctioning off Clarkson's black 1999 Jaguar XJR as part of its classic sale. According to the auction house, the Jag was "originally the daily drive" of Clarkson and has had one registered owner since.
Clarkson's former ride clocks in at 93,000 miles and has an estimated price of 2,500 to 4,000 pounds. At roughly $3,300 to $5,300 in US dollars, that could be quite a steal for a hardcore Jeremy Clarkson fan. And with a supercharged 4.0-liter V8 engine and lavish interior, it's a luxury sport sedan lover's dream.
This isn't the first time Clarkson has crossed paths with Anglia Car Auctions. Back in 2009, he and fellow Top Gear stars James May and Richard Hammond made an appearance at another vintage auction to buy vehicles for a future segment of the show.