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Jaguar Land Rover won't get a bailout from the UK

Bailout talks between Jaguar Land Rover and Tata Steel with the UK government have ended, leaving both firms to rely on private financing to overcome the impact of coronavirus on business, the Financial Times reported on Friday. The report said that talks for an emergency funding fell through as Jaguar Land Rover (JLR) did not qualify for taxpayer support. It is the luxury car unit of India's Tata Motors and Tata Steel, both owned by Indian conglomerate Tata Group. The bailout plan, titled "Project Birch", had been authorized by Finance Minister Rishi Sunak in May to rescue companies that are seen as strategically important, with the Treasury saying it may step in to support crucial businesses on a "last resort" basis after other options run out. The report, citing a source familiar with the matter, said that the funding scheme became infeasible for Tata as it imposed strict conditions on any lending. "Tata Steel remains in ongoing and constructive talks with the UK Government on areas of potential support," Tata Steel said in an emailed statement. The UK Treasury said it would not comment on individual companies. Tata Motors did not immediately respond to request for comment. Related Video: Earnings/Financials Government/Legal Jaguar Land Rover

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.

Jaguar Land Rover proposes seats that scientifically massage your butt, for your health

Habitually sitting too long can degrade a person's health. Scientific research has proven that dormancy can increase the risk of obesity, diabetes, cardiovascular disease, deep-vein thrombosis, and metabolic syndrome, according to the Harvard Medical School. Although sitting can be avoided in many cases, such as using a standing desk at work, taking a seat is the only option when hopping in the car for a drive. Jaguar Land Rover (JLR) is hoping to address this negative aspect of cars with a new high-tech seat that the company says mimics the act of walking.  JLR calls the concept a shape-shifting, or morphable, seat system, and it is currently in a trial period with Jaguar Land Rover’s Body Interiors Research division. Using actuators built into the seat's foam, the seat will constantly be in motion with micro-adjustments that can be tuned to the needs of different people and body types. JLR believes it has created a system that recreates what is known as pelvic oscillation, a motion that can supposedly trick the brain into thinking the body is walking. In addition to helping to prevent internal health issues, JLR also notes that a sedentary lifestyle can degrade and shorten muscles in the legs, hips, and rear. If these muscles are worked on a regular basis, the chance and risk of injury and back issues could potentially be reduced. The new seats are just one of many car interior technologies JLR has explored. In the past, we've seen tech that tracks brainwaves and heart rates, creates augmented reality, helps prevent motion sickness, and helps stop the spread of germs. They've also taken the time to have an expert demonstrate the perfect seating position. Most of this stuff is experimental for now, but it's possible similar features could eventually trickle down to production cars, in time. See how the seat moves in the video below. Related Video: