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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.

2018 Jaguar F-Pace: Heated windshield option may drive you crazy

Our long-term Jaguar F-Pace is stuffed full of options. It's the top-trim S model with the most powerful engine, and we selected five of seven available option packages. The two we didn't pick were the cheapest ones. There were a handful of individual options we selected, as well, and one of them, the heated windshield, is one that you should definitely think twice about before choosing. The reason being that, in this editor's opinion, it's thoroughly irritating. I actually didn't even know our F-Pace had it the first time I signed it out for an evening. At the end of the day, I grabbed the key, walked down to the parking lot and drove it away without a second thought. A couple miles down Woodward Avenue, though, I noticed that my view out wasn't quite as clear as I expected. I figured the windshield was dusty or something, so on went the windshield washer for a few moments. After everything dried off, I had the same issue. I pulled the washer lever again and still nothing. I leaned forward and squinted my eyes, and that's when I spotted the minuscule heater wires across the entire pane of glass. And once I saw the wires, it was almost impossible to unsee them. My unobstructed view out the car suddenly turned into a CRT screen full of scan lines. They never kept me from safely driving the F-Pace (after all, they are extremely small), but I could never completely forget they were there. It's incredibly frustrating and it gets worse at night as the wires combine with oncoming headlights. I'm not the only one who dislikes them either, as Senior Editor John Snyder and Contributing Editor James Riswick voiced their displeasure with the feature. Not everyone in the office feels this way about the heated windshield, though. Associate Editor Reese Counts said that they don't bother him one bit. And in cold weather climates like Michigan, it should be handy for clearing snow, ice and condensation from the windshield. With these differing opinions, then, this is an option that you'll definitely want to experience for yourself before actually choosing it. You might find it unobtrusive or you might find it insufferable. As for me, I don't think I could deal with having those wires in my face all year 'round. I would rather spend 10 percent of the year when we have accumulating snow and ice scraping it off manually so that the other 90 percent of the year I have a crystal clear view of the road.

This Jaguar XK120 costs $20,000, but there's a catch

You read that correctly. This Jaguar XK120 costs $20,000. Sounds like a steal, right? There's a catch. It's 1:5 scale. But if you're looking for perhaps the most bespoke riff on a Power Wheels ever, this could be your new toy. Offered by gift-specialist Hammacher Schlemmer, this diminutive Jag is faithful to the original with its swoopy appearance fronted by a narrow, vertical grille. There's a bit of a power drop, as this XK comes with a 110-cc four-stroke engine that can top out at 38 miles per hour. The 1949 model came with a 3,442-cc six-cylinder that made as much as 180 hp from the factory. This toy car has an aluminum hull, steel box chassis, wishbone suspension, and gas shocks, according to the listing. It rolls on 10-inch aluminum wheels and has hydraulic brakes with Brembo, yes Brembo, discs. The inside has padded leather and a wood-rimmed steering wheel. The car shown is silver – but Hammacher Schlemmer notes that it's available in British Racing Green – or any color you like. Obviously you're not hurting for cash if you have 20 grand to drop on a toy, but it is economical compared to real-life 1949 XK120. The car collecting and insurance gurus at Hagerty say an original is worth $475,000 in concours condition. Hagerty notes this Jag is significant for its design that channels the prewar BMW 328. The starting price was $3,940 in the United States when it was new. Related Video: