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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.

L.A. Show Favorites and driving a custom Land Rover Defender | Autoblog Podcast #757

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. We recap the Los Angeles Auto Show and discuss what it was like and what our favorite reveals were. We also discuss a few of the cars we've been driving including a restomod Land Rover Defender from Osprey Custom Cars and our long-term Kia EV6 GT-Line. Plus, we discuss the GMT400 Chevy and GMC trucks starting to rise in value. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #757 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown 2022 L.A. Auto Show Editors' Picks Cars we're driving Osprey Custom Cars Land Rover Defender 2022 Kia EV6 GT-Line GMT400 GM Trucks Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Jaguar Land Rover reportedly developing Road Rover car

Reports are circulating in the automotive media that Jaguar Land Rover is developing a vehicle that's not an SUV. Called the Road Rover, it would be an all-electric luxury car with "some" all-terrain capability, hinting at all wheel drive. Initially, the EV would launch in late 2019, then spawn more models to complete the lineup. There is also talk about JLR's interest in an outright purchase of an existing luxury car brand to join its portfolio, and that parent company Tata has already given this strategic move the green light. Tata has also reportedly made moves to protect its JLR ownership via acquiring more of its own stock. All this excitement brings to mind the fact that there once existed an actual Road Rover — the Rover brand. Having evolved into MG Rover before going into administration in 2005 and subsequently reborn in China under SAIC Motor ownership, Rover was a moderately posh British carmaker just beneath the level of prestige that Jaguar offered. For some years, both were part of the same corporation. The last Rover saloons were designed and built with BMW input, and at that point Land Rover had already become part of Ford, almost a decade after Jaguar did. Ford's tenure with Land Rover lasted from 2000 to 2008, when Tata bought the British brand — along with the Rover name. Would it just make sense to badge the road car Rover, with no Road or Land affixed to it? Rover's slovenly demise is more than a decade old now, but there's plenty of valuable history still embedded in the long-shelved Viking ship logo. Cast aside memories of Sterling-badged Honda Legend platform siblings and unattractively Federalized SD1 series cars, and take whatever good the 1999-2005 Rover 75 brought to the table — maybe it's time for Rover to be reborn in the current Jaguar Land Rover family. According to Autocar, the first Road Rover would be developed in tandem with the next-generation Jaguar XJ, so they would share an aluminum architecture suitable for both internal combustion engines and battery electric technology, depending of the model. If anything, there is delicious irony to this: The 1980s XJ generation that Jaguar spent decades developing was claimed to be engineered in such a way that the occasional stablemate Rover's Buick-derived 3,5-liter V8 wouldn't have fit in its engine bay — to preserve the Jaguar bloodline. To have the new XJ and a Rover cross paths again would only be fitting. Related Video: This content is hosted by a third party.