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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.

BMW X6 M said to lap the 'Ring in 8:20

Bimmer Today reports that the German rag Auto Zeitung ran an Audi RS3 and a BMW X6 M around the Nurburgring together, and the hotted-up sports activity vehicle came in just five seconds behind the white-hot hatch. Driven by 'Ring regular Horst von Saurma, the RS3 ran its lap in 8 minutes, 15 seconds, and the X6 M ran an 8:20. If those times are accurate, that makes the X6 M the second fastest production SUV on the lap-time list according to Wikipedia: ahead of it is the 550-hp Range Rover Sport SVR, which ran a time of 8:14. That time puts BMW's 575-horsepower, 5,200-pound SUV four seconds ahead of the time registered by the last-gen, 555-hp X6 M, and well ahead of the Porsche Cayenne Turbo S that Sport Auto clocked an 8:34 with. It would not, however, match the predictions that X6 M project manager Herbert Bayerl made for it in an interview with Sport Auto earlier this year. Bayerl said "The new BMW X6 M moves at the level of M3," speaking of the E92 BMW M3 that Sport Auto ran around the 'Ring in 8:05. It is, though, two seconds faster than the E46 M3, which lapped in 8:22. Bayerl called out the Range Rover Sport SVR directly, saying, "We have been traveling much faster in testing and have undercut the time of Range Rover several times," and "We don't need any special attachments to go faster." Auto Zeitung's report on the lap is only for subscribers so we'll have to wait for more official news. For the apples-to-apples comparison we'll be looking forward to Sport Auto's hot lap, then we'll know if the Range Rover has anything to fear. Related Video:

Lots of Land Rovers, Jaguars and Minis actually survived that near-capsized ship

Despite a severe list to starboard, many of the 1,400 cars and SUVs aboard the 51,000-ton Hoegh Osaka are currently being recovered in salvageable condition, with video showing some of the vehicles from British brands Land Rover, Jaguar and Mini, being driven ashore under their own power. The car-carrying vessel developed a severe list on January 3 and was intentionally run aground on a sandbar between England and the Isle of Wight. It has since limped its way back to port in Southampton, where damage assessments are being conducted on both the ship and its $53-million in cargo. According to the company that owns the car carrier, the ship itself only suffered minor damage in the incident, while Car and Driver is reporting that many of the damaged vehicles will almost certainly be scrapped. Still, the fact that there are vehicles, some of which appear undamaged (look at that Defender at 0:50!), being removed from the Hoegh Osaka needs to count as a net win. News Source: Car and Driver, WonkaBar007 via YouTube Jaguar Land Rover MINI Coupe Crossover Hatchback Luxury Off-Road Vehicles Performance Videos Sedan