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Jaguar Land Rover parent Tata posts a loss over coronavirus

BENGALURU — India's Tata Motors posted a wider loss for the September quarter on Tuesday as the COVID-19 pandemic sapped demand in several of its key markets. The global health crisis has hammered sales for automakers worldwide and compounded problems for Tata Motors, which was trying to improve Jaguar Land Rover (JLR) sales amid weak demand and uncertainty related to Brexit. Tata Motors reported a consolidated net loss of 3.14 billion rupees ($42.47 million) for the second quarter ended Sept. 30, compared with a loss of 2.17 billion rupees a year earlier. Retail unit sales at luxury car unit JLR, which rakes in most of the company's revenue, was down nearly 12% for the reported quarter. Tata Motors, however, said it expects JLR sales to gradually improve. "Despite concerns around the risk of a second wave of (COVID-19) infections ... we expect a gradual recovery of demand and supply in the coming months," the carmaker said in an exchange filing. Total revenue from operations fell 18.2% to 535.3 billion rupees. Tata Motors said it was committed to achieving near-zero net automotive debt in the coming years. Shares of Tata Motors ended 1.46% higher on Tuesday while the broader Mumbai market settled 1.03% higher.

Jaguar Land Rover posts profitable quarter amidst big yearly losses

Jaguar has posted its first profit in quite some time, as the financial quarter ending on March 31 brought in a net income of $151.6 million. However, that is the light in the end of the tunnel, as full year results through March showed a $4.58 billion loss (GBP3.6 billion). The losses are again attributable to declining sales in China, with a whiff of the still-lingering Brexit process. While JLR's annual U.S. sales were up 8.1 percent, and U.K. sales improved by 8.4%, overall sales came down 5.8% to 578,915 vehicles. For April, Chinese sales nearly halved as they dropped by 46 percent. Earlier this year, JLR's woes caused its owner Tata Motors to post the biggest ever quarterly loss in Indian corporate history, at nearly $4 billion. JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround. Speth said JLR has already managed to deliver $1.59 billion (GBP1.25 billion) of efficiencies and savings. JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (GBP2.5 billion) of investment, working capital and profit improvements by March 2020, and that it currently has $4.84 billion (GBP3.8 billion) of cash. Speth continued that JLR will "go forward as a transformed company that's leaner and fitter," and that the sustained investment in new products and technologies will drive future demand. There has been earlier speculation of Tata Motors selling JLR to the PSA Group, but as Autocar reports, Tata's financial chief again refuted these rumors. JLR also announced today that its CFO of 11 years, Ken Gregor is stepping down after 22 years with the company, and that he will be succeeded by JLR's Chief Transformation Officer, Adrian Mardell.

Jaguar may kill supercharged V6 to make way for inline-six

This could be the last year to score a Jaguar with the carmaker's 3.0-liter supercharged V6. Autocar reports that Jaguar deep-sixed the the XE S and XF S in the UK due to poor sales and difficulty coping with European emissions regulation changes taking place this year. The mag expects the XJ and F-Pace to lose the V6, too, but suspects the F-Type might retain the engine. It's possible, however, the bent-six with up to 380 horsepower and 339 pound-feet of torque might finally be retiring for a reason reported on for at least three years: To make way for a 3.0-liter inline-six from the Ingenium line of motors. In 2015, Motor Trend noted the supercharged V6 would die at the end of 2016, succeeded by a "more powerful Ingenium inline-six," likely to be turbocharged. One year later, Car laid out a new family of Ingenium inline-sixes in gasoline and diesel versions. There would be three gas options with 300, 400, and 500 horsepower, plus three diesels with 275, 335, and 400 hp and herds of torque. In Car's report, the engines were meant to be here in 2017. This could be the year it finally happens. A Jaguar spokesman in the UK told Autocar that an uptake of less than 2 percent on the S models, "Coupled with impending emissions regulation changes, it makes sense to remove these variants from sale in the UK." When Jalopnik asked Jaguar U.S. about availability here — we aren't a party to the imminent European emissions changes — the carmaker would only say that the engine remains available in the current XE, XF, XJ, F-Type and F-Pace. No matter the timeline, Jaguar would want a six-cylinder to fill the gap from the 296-hp Ingenium 2.0-liter four-cylinder to the supercharged 5.0-liter V8 that starts at 470 hp. Jaguar expanded an area of its Wolverhampton, UK, engine factory to build the scalable Ingenium line. An inline-six would not only reconnect with Jaguar's past — and the firm's long-hooded cars remain ready to swallow them — the straight-six is lighter, has fewer moving parts, and emits less pollution than the supercharged V6. It is also compatible with front-, rear- and all-wheel drive, longitudinal and transverse mounting, and hybrid applications, so expect to see the motor migrate to the Range Rover, Range Rover Sport, and Land Rover Discovery.