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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

Jaguar XE SV Project 8 now available for Nurburgring rides

There are a number of ways to experience the Nurburgring Nordschleife, including being driven around by a professional driver. Jaguar runs its own program that does just such a thing called the Race Taxi program. It just became even more appealing because Jaguar has added the XE SV Project 8 as one of the available cars. In case you had forgotten, it's a special car for the program because it currently holds the record for fastest production sedan at the track. Even without a record to its fame, the Jaguar XE SV Project 8 is special for other reasons. It's the most powerful production Jaguar with 592 horsepower. That engine can propel it to 60 mph in a claimed 3.3 seconds. Most of the car's exterior is completely unique to the car. It's a rare machine, too, with only 300 sold. If you want to go for a ride, well first you have to get to the Nurburgring. But once you're there, hand Jaguar 199 euros, or about $227 at current exchange rates, and a driver will take you for a lap of the track. The company brags that you'll experience speeds of over 155 mph, and hit 1.8g in the steeply banked Karussell corner. You only get the one lap, but at least you know it will be a roughly 7 1/2 -minute thrill ride. If you can't get into the Project 8, you'll still be able to ride along in the 575-horsepower F-Type SVR or XJR575. Related Video:

Jaguar fully reveals the $71,445 XF S Sportbrake

Jaguar has finally revealed the 2018 XF Sportbrake without any sort of camouflage or subterfuge. It does look pretty much the way we expected, though; an XF with a longer, but still low and sleek roof. That's a good thing in our book. That nice, long roof also allows for an impressive 31.7 cubic feet of cargo space behind the rear seats, which we should point out is just a bit more than the far less attractive BMW 6 Series Gran Turismo revealed yesterday. The Jaguar XF Sportbrake also comes with plenty of performance since it's only available with all-wheel drive and the supercharged 3.0-liter V6 that produces 380 horsepower and 332 pound-feet of torque. Jaguar claims this powertrain will get the wagon to 60 mph in 5.3 seconds. Jaguar also includes self-leveling rear suspension on the Sportbrake. Inside, you'll find the same interior as the XF sedan, with one key difference: a vast, fixed sunroof. Though it's a bit disappointing that it doesn't open, the unbroken view of the outside is beautiful. But if you don't like the view, you can close a sun blind over it, and you don't have to touch a button. You simply wave your hand past a sensor and it will open or close. Though novel, we can see many incidents of accidentally opening or closing it while reaching for, say, the overhead map lights. The Jaguar activity key wristband is also available, along with large screens for instruments and infotainment. The sun blind gesture controls, activity key, and additional screens seem to be options though, as they aren't included on the base S model that starts at $71,445. That's nearly a $3,600 upcharge over the sedan. However, you do get a gorgeous car with more space. It's also barely more expensive than that aforementioned BMW. If you do want those fancy tech options, you can option them in, or have them added as part of the First Edition Sportbrake, which starts at $73,095. Related Video: