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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.

With a new Jaguar and the Shell app, your car can pay for its own gas

Contactless payments are making their way into the car. Jaguar and Shell have the first major rollout, allowing you to pay for fuel through the car's touchscreen. Of course you'll still have to get out of the car to actually pump the fuel into the car, but hey, progress, right? Apple Pay and PayPal will be available payment methods from the start, and Android Pay will be added later. For this all to work, you'll need a new Jaguar (or Land Rover) with the InControl infotainment system, a connected phone with the InControl app and Shell app, some space in your tank, and some electronic money. When you pull up to a Shell station and launch the Shell app through the touchscreen, the car will use geolocation to figure out which station you're at and then prompt you to enter the pump number you're next to (don't want to pay for someone else's fuel now do you?). Once that's done, you tell the system how much fuel you want (it's not clear if you can just fill the tank like most normal people do) and then the screen in the car shows you a receipt; one is also sent to you via email. While this might just seem like trading one screen for another and entering info through your car instead of at the pump, contactless payments also have an added level of security over pulling out a credit card. (Credit card skimmers, which steal card data when you go to swipe at a kiosk or ATM, have been popular at gas stations.) It will also be welcome in the winter months, when you can limit your exposure time. Plus you'll never again have to respond to this incomplete sentence, which greets us at Shell stations everywhere: "Is this debit card?" InControl is available on every Jaguar and Land Rover model. And if you get this Shell app working on an F-Pace with the Jaguar Activity Key, you'll have the latest in minimal-touch technology. The system will roll out to people in the UK first and should arrive in the US later this year. Related Video: Jaguar Land Rover Technology Smartphone Luxury shell paypal

Another Green Episode | Autoblog Podcast #665

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and West Coast Editor James Riswick for an episode dedicated to electric cars. First, they talk about what they've been driving, including the Ford Mustang Mach-E, the new base, rear-wheel-drive Porsche Taycan as well as the Polestar 2. Then they dive into some green news, including the reveal of the Audi E-Tron GT, the new Chevrolet Bolt EV and Bolt EUV and plans to go electric by companies like General Motors and Jaguar Land Rover. Autoblog Podcast #665 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving:Ford Mustang Mach-E Porsche Taycan Polestar 2  News 2022 Audi E-Tron GT revealed as sporty, electric cousin to Porsche Taycan 2022 Chevrolet Bolt EUV introduced along with revised Bolt EV General Motors sets goal of being carbon neutral, largely electric by 2035 Jaguar to sell all-electric cars by 2030, and six electric Land Rovers coming in next five years Feedback Email – Podcast@Autoblog.com Review the show on iTunes 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: