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Strong JLR sales in China boost Tata Motors' quarterly profit

BENGALURU, India — Tata Motors Ltd on Friday posted a 67.2% surge in quarterly profit. Sales at its luxury car unit, Jaguar Land Rover (JLR), improved in key market China as the country led a recovery in the global automobile industry from the pandemic. The Indian carmaker had logged losses for three straight quarters as the COVID-19 pandemic dented business in several of its key markets even as it was already dealing with uncertainties around Brexit, weak demand and rising costs. The Brexit trade deal agreed upon in December has avoided the risk of tariffs on automotive parts and finished vehicles, Tata Motors said, adding that JLR remains encouraged by the Brexit trade deal. JLR sales in China jumped 20.2% on-quarter and were 19.1% higher from the year-ago period. Retail sales at the unit, which accounts for most of the company's revenue, were up 13.1% from a quarter ago, but still 9% lower than pre-pandemic levels. The company said it had saved 400 million pounds ($548.96 million) during the December quarter at JLR under Project Charge, taking the total savings to 2.2 billion pounds so far. Tata Motors has set a full-year target of saving 2.5 billion pounds. Consolidated net profit came in at 29.06 billion rupees ($398.52 million) for the third quarter, compared with a profit of 17.38 billion rupees a year earlier. It had reported a loss of 3.14 billion rupees in the previous quarter. The festive season in mid-November, during which Indians typically make big-ticket purchases, also helped overall sales. "Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in last 33 quarters," Tata Motors Chief Executive Officer and Managing Director Guenter Butschek said. Total revenue from operations rose 5.5% to 756.54 billion rupees.

Jaguar calls a hot-rodded I-Pace a when, not an if

Jaguar showed the world what a high-performance I-Pace might look like when it unveiled the racing-ready eTrophy (pictured) in 2017. Though it's built exclusively for track use, the hot-rodded EV is teaching the British firm's Special Vehicles Operation (SVO) division valuable lessons about electrified performance, and those tricks will seep into a street-legal production model in the coming years. Michael van der Sande, the head of SVO, told British magazine Autocar that a high-performance I-Pace is more of a when than an if. Jaguar has amassed decades of sports car-building experience, and it's trying to reinvent itself as a purveyor of electric cars, so combining these two images into one seems natural. We're a little bit surprised it hasn't happened yet, though van der Sande warned the project hasn't started because SVO is busy making other, higher-volume cars with fatter profit margins. The eTrophy uses the same basic powertrain as the I-Pace, according to Autocar, but it receives a long list of chassis modifications that help it handle better than stock. The production model would receive more comprehensive changes, including a more powerful electric powertrain, but its body kit would certainly resemble the one worn by the eTrophy cars. Whether the hotter I-Pace would arrive as a limited-edition model, like the XE Project 8, or as a standard addition to the range is up in the air. Jaguar is aware that venturing into the high-performance electric car segment would force it to lock horns with Tesla, which offers jaw-droppingly quick versions of the Model S and the Model X. The California-based firm is currently planning to attempt a lap record on Germany's Nurburgring track with a triple-motored prototype of a car coming to production in 2020, so Jaguar knows precisely who to beat if it wants to secure ultimate bragging rights in the electric car segment.

Jaguar Land Rover to cut thousands of UK jobs

LONDON — Britain's biggest carmaker Jaguar Land Rover (JLR) is set to cut thousands of jobs as the company faces lower demand in China and a slump in sales of diesel cars in Europe. The central English firm builds a higher proportion of its cars in Britain than any other major or medium-sized carmaker and has also spent millions of pounds preparing for Brexit, in case there are tariffs or customs checks. Britain's business minister Greg Clark said on Thursday it is clear why a no-deal Brexit would add to the problems with further costs and disruption. JLR lost 354 million pounds ($450 million) between April and September 2018 and had already cut around 1,000 roles in Britain, shut its Solihull plant for two weeks and announced a three-day week at its Castle Bromwich site. Its Chief Executive Ralf Speth warned in September that the wrong Brexit deal could cost tens of thousands of car jobs and posed a threat to production at the automaker. The Tata Motors-owned company, which employs around 40,000 people in Britain and has boosted its workforce at new plants in China and Slovakia in recent years, unveiled plans to cut costs and improve cash flows by 2.5 billion pounds last year including "reducing employment costs and employment levels." Those cuts will be "substantial" and run into the thousands, the source told Reuters. "The announcement on job losses will be substantial, affecting managerial, research, sales, design," said the source, who spoke on condition of anonymity, not affecting production-line staff "at this stage." The company declined to comment when contacted by Reuters on Thursday. Ford also said on Thursday it will cut thousands of jobs in Europe, exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort aimed at improving profit margins in the region. Brexit warnings JLR, which became Britain's biggest carmaker in 2016, had been on course to build around 1 million vehicles by the turn of the decade, reported on Thursday a 4.6 percent drop in full-year sales to just under 600,000 vehicles. Demand in China, which had once been one of its strongest countries but has since been hit by a slowdown, fell by 21.6 percent, the biggest drop of any of its markets. "The economic slowdown in China along with ongoing trade tensions is continuing to influence consumer confidence," said Jaguar Land Rover Chief Commercial Officer Felix Brautigam.