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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.

Lister is now taking offers for 200 mph LFP SUV

Lister is now taking orders for its new LFP SUV, which is a heavily tuned version of the Jaguar F-Pace. Stock, the F-Pace's supercharged V8 engine makes a handsome 380 horsepower, and the SVR version is good for 550 hp. Lister is intent on making the LFP the world's fastest SUV, so that power output has grown to 670 horsepower. The 0-62 mph sprint will only take 3.5 seconds, and Lister says the LFP will go on to reach a top speed of 200 mph. This would leave the 190 mph Lamborghini Urus in second place. While the 707-horsepower Grand Cherokee Trackhawk can hit 62mph in 3.6 seconds, its top speed is "just" 180 mph; the Alfa Romeo Stelvio Quadrifoglio is good for 176 mph and it hits 62 mph in 3.8 seconds. The Tesla Model X, on the other hand, is capable of a 2.9-second 0-62 mph blast, but it will only reach a limited top speed of 155 mph. The company says the LFP's bold top speed figure can be achieved partly thanks to extensive use of carbon fiber – however, the wording is still served with a grain of salt, as Lister says the LFP will "potentially" be the world's fastest SUV, and the claims are yet unverified. The carbon-aided weight reduction also has handling benefits for the large SUV. Lister also released these photos of the LFP, complete with interior shots depicting a more racing-inspired cabin, yet trimmed with luxurious materials. Or as the company blurb says: "Take a look at the interior to see how comfortable 200mph can be". Lister prices the LFP at GBP140,000, or a touch over $180,000. Related Video:

Carlex Jaguar XJ Coupe restomod is neither British nor understated

The Jaguar XJ Coupe was already an unconventional Jag. The dramatically long two-door was built on a Series II sedan chassis and kept most of the styling in tact, just losing two doors and gaining a whole lot of subtle elegance. However, the customizers at Carlex Design have created an XJC that takes things to the next level (and maybe a few levels beyond that). Based in Poland, Carlex has a history of cranking out modified vehicles for well-off clientele. Past projects have included a race-inspired Land Rover Defender, a yachting-inspired Mercedes G63, an aggressively styled Hyundai Santa Fe, and a gargoyle-esque Ford Ranger. The Jaguar XJ Coupe is clearly a favorite, though. The newest XJC takes the British classic and gives it racier look. De-bumpered and widened with blister flares, it evokes a touring car racer from back in the day. Actually, it's more accurate to say this is what a modern restomod inspired by a fictional 1970s race car would look like, as the real XJ Coupe race cars didn't quite look like this. That's because the wheels are gigantic, big enough to bathe a medium-sized dog in. No in-period race car would have had saucers that large. And while the side view maintains faithful to the classic, its face betrays its era. Circle to the front end and LED headlights and afterburner-style high beams complete the Jag's four-eyed gaze. The original's elegant grille has been replaced with a toothy maw that would look more at home on a SEMA Jeep. Underhood the Carlex sports a V8 (of unspecified origin) delivering 400 horsepower. The company says its brakes are new, and that suspension and air conditioning are suitable for everyday use. The interior has been upholstered in what Carlex calls hand-aged leather. The deep brown color gives it the feel of a mahogany-walled boardroom. Aside from the fluting everywhere, the interior is fairly clean, and less busy than the original XJC's. If we had to pick we'd go with the unflared body of Carlex's old XJC design, but replace its Kardashian-designed dash with this one. Carlex didn't disclose price or production run, but only that a few examples would be built each year. Or, you can try to find one of Jaguar's original XJ Coupes, which were only produced between 1975 and 1978, with a run of fewer than 10,000 units over the four-year span. Given its obscurity it's kind of a strange car to restomod, but perhaps we in the U.S.