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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 Land Rover gives Lyft $25M and a fleet of cars

Lyft recently raised $600 million in a massive funding round, and now we know that $25 million of that came from Jaguar Land Rover, via its mobility services subsidiary InMotion. The car maker's investment in Lyft goes beyond just funds, however; it's providing Lyft drivers with a fleet of Jaguar and Land Rover vehicles as part of the tie-up, and it's also going to work with the ride-hailing tech company on autonomous vehicle testing. This is yet another high-profile partner for Lyft after a spate of recent new collaborators, including Waymo and, just last week, Nutonomy. Now, Jaguar Land Rover is also joining the company's Open Platform for autonomous cars: The collaboration with InMotion will see the Jaguar Land Rover-owned company "develop and test its mobility services, including autonomous vehicles" using Lyft's platform. Lyft's ability to rapidly bring on a lot of partners in the car maker space, specifically around autonomy, may have a lot to do with rival Uber's ongoing problems, which now also include mounting calls for CEO Travis Kalanick to step back, at least temporarily, from his leadership role. Lyft has also been pretty clear about seeking to partner on autonomy, rather than pursue its own tech, which is likewise different from Uber's current approach. Uber, too, has brought automakers to the table around self-driving services and making use of its ride hailing platform for mobility service offerings. Both Uber and Lyft seem interested in being the layer that connects riders and these future services, and for automakers, it means leaving a complex and challenging part of the picture to partners with experience and expertise, rather than having to spin up that part of the tech business themselves. The fleet provision in the deal is also interesting, and suggests the partnership between the two could involve more strategic cooperative service offerings ahead of the advent of commercial self-driving tech. Lyft gaining more ground among automakers beyond longtime partner GM also explains why it was reported that the ride hailing company turned down overtures regarding a potential acquisition by the Detroit-based automaker.Written by Darrell Etherington for TechCrunch.Related Video:

We're spending six months with a Jaguar XE diesel

It's hard to discuss the Jaguar XE sedan without at least mentioning the BMW 3 Series. So here we are doing it. The XE was built to compete with the 3 and the likes of the Audi A4 and Mercedes-Benz C-Class. It's the smallest Jag sedan in a long time, and it's poised to be one of the brand's best-selling vehicles. We're putting one in our fleet for half a year to see how it is to live with. What we got For the detail-oriented, this is a 2017 Jaguar XE 20d AWD Prestige painted Ammonite Grey with a Jet and Latte interior. Translation: a midlevel trim with a diesel engine, all-wheel drive, dark gray paint, and a cabin with light tan leather seats and a black dashboard. It's a handsome combo. Base price for the model is $46,395. This one has plenty of options, which raise the price to $55,485. For $2,400, the Vision Package includes things to help you see and some more that help the car see for you: xenon headlights with washers, auto high beams, front and rear parking sensors, blind-spot monitor, and cross-traffic detection. The $2,100 Comfort and Convenience Package adds heated and cooled front seats, heat for the rears, a power trunk lid, and an electric rear sunshade. A 10.2-inch wide-format touchscreen, navigation, WiFi, and an 825-watt sound system are included in the $2,700 Technology Package. And then there's the little stuff: metallic paint for $550, a head-up display for $990, and $350 to get the SiriusXM working. Other details include an eight-speed automatic transmission, engine stop-start, and some nice 18-inch wheels. What we skipped This XE most notably lacks a place to put gasoline – we didn't get the base 2.0-liter four-cylinder or any of the tunes of supercharged V6 in the pricier models. We also skipped the upper trim levels, which for 2017 included R-Sport and Portfolio (an S model is new for 2018). The only other big item you can put on a Prestige is the $360 Black Design Package; it swaps out the shiny grille, vent trim, and window surrounds for – you guessed it – black parts. Why we got it It's a completely new model in a popular segment. Sport sedans are fun. And Jaguars are pretty. There are likely to be some mini comparisons between the Jag and our succession of long-term A4s. What's next On the other end of the new-Jaguar spectrum is the F-Pace, a crossover that has a lot in common with the XE. So we're going to spend some time with one once the XE leaves.