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RM Sotheby's 2015 Monterey auction sets records

RM Sotheby's wrapped up three days of beautiful cars crossing the block during Monterey Car Week with a company record of $172.7 million in vehicles sold. The first day's Pinnacle Portfolio collection alone brought in $75.4 million, a new high for a one-day, single-vendor auction. While nothing ever topped the $17.6 million 1964 Ferrari 250 LM, the hammer continued to fall on some very expensive vehicles each day. Expected to clear over $11 million, the sale of a 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' easily managed that with a final price of $13.2 million. Multiple bidders on the phone and in the room desperately wanted this famous racer, and it drove the price up. To make this thoroughbred worth the lavish amount, the coupe won the 1956 Tour de France series of events and was among seven with this body by Scaglietti. Many of the top sellers came from the first night's Pinnacle Portfolio, but records continued to be broken over the weekend. Notably, a 1953 Jaguar C-Type Works Lightweight brought $13.2 million to make it the most expensive Jag ever at auction. Also among RM Sotheby's top sellers were a 1950 Ferrari 275S/340 America Barchetta at $7.975 million and a 1952 Jaguar XK120 Supersonic for $2,062,500. Take a look at a few of these special vehicles in the gallery above. HISTORIC FERRARI 250 GT 'TOUR DE FRANCE' LEADS THIRD NIGHT OF RECORD SALES AT RM SOTHEBY'S MONTEREY World's largest collector car auction house concludes three day event with more than $172.7 million in auction and post-auction sales MONTEREY, CALIFORNIA (August 15, 2015) - A historic 1956 Ferrari 250 GT Berlinetta Competizione 'Tour de France' set a new auction record for the model tonight, selling for an outstanding $13.2 million before another packed house at RM Sotheby's Monterey event. Spurring a lively bidding contest between multiple collectors in the room and on the telephones, the influential Ferrari is the actual car that instituted the 'Tour de France' nomenclature following its overall victory at that legendary race in 1956. The fifth of only seven Scaglietti-bodied first-series competition berlinettas, it was sold new to the Marquis Alfonso de Portago, the flamboyant and daring Spanish driver, who, joined by his close friend Ed Nelson, piloted to car to first place overall at the 1956 Tour de France Auto.

Jaguar Land Rover to cut workforce by 2,000 in push toward electric future

Jaguar Land Rover said on Wednesday it would cut 2,000 jobs from its global salaried workforce, just days after announcing its luxury Jaguar brand will be entirely electric by 2025 and e-models of its entire lineup will be launched by 2030. "The full review of the Jaguar Land Rover organization is already under way," the company said in an emailed statement. "We anticipate a net reduction of around 2,000 people from our global salaried workforce in the next financial year," it said. However, it added that the organizational review did not impact hourly paid, manufacturing employees. JLR, owned by India's Tata Motors, said earlier that its Land Rover brand will launch six fully electric models over the next five years, with the first in 2024. Known for its iconic, high-performance E-Type model in the 1960s and 1970s, Jaguar faces the same challenges as many other carmakers as it transitions to electric vehicles while trying to retain the feeling and power of a luxury combustion engine model. Last month, Tata Motors said it was concerned by semiconductor shortages and Brexit-related supply disruptions as its luxury car sales recover, although the Indian automaker added these had not yet hit production. Tata Motors posted three straight quarters of losses as the COVID-19 crisis dented sales, exacerbating uncertainties over Britain's exit from the European Union, weak demand and rising costs, but had bounced back to clock a profit in its third quarter to the end of December. The 2,000 reduction in JLR's non-factory jobs was reported earlier on Wednesday by Sky News.

Jaguar I-Pace makes transition to production with hardly any changes

It looks like Jaguar designer Ian Callum wasn't kidding when he said the I-Pace concept was "a preview of a five-seat production car that will be on the road in 2018." Based on these spy photos, the production I-Pace will look darn near identical to the concept. The prototype seen above, in a unique and rather groovy green camouflage wrap, retains the swoopy cab-forward design of its concept predecessor. The headlights have the same shape and still sweep back nearly to the front wheel wells, and the door handles are still flush mounted ovals placed low on the doors. At the back, the crisp crease marking the trailing edge of the hatch is intact, as well as the triangular points on the rear spoiler. There have been a few minor changes here and there. At the front, the grille doesn't have quite as much depth as the concept, and the base of the front bumper doesn't have as aggressive an air dam. The big heat extractor vent in the hood is also gone. The rear bumper has also been rounded off a bit more with a simpler rear diffuser. The side glass is in production form, so now there are seams that show where the glass rolls down. It appears the rear doors will have quite a small glass opening, as the seam is roughly at the half-way point of the window. If the mechanicals of the concept end up as unchanged as this prototype's exterior, expect the production I-Pace to have a pair of electric motors that will produce 400 horsepower and 516 lb-ft of torque. Jaguar estimates these will propel the car to 60 mph in about 4 seconds. The motors will be supplied with power from a 90 kWh lithium-ion battery, which Jaguar says will provide a range of 220 miles. With a target date of 2018, we would expect to see the production model revealed at the end of 2017 or early in 2018. Related Video: