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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.

Regulators consider adding more carmakers to Takata recall

Volkswagen's diesel emissions scandal has been getting a lot of press recently, but the Takata airbag inflator affair could be grabbing headlines again soon. According to Bloomberg, the National Highway Traffic Safety Administration is contemplating an expansion to the campaign that could add seven automakers to the 12 already affected. They are Jaguar Land Rover, Mercedes-Benz, Spartan Motors, Suzuki, Tesla, Volvo Trucks, and VW Group. To be clear, there's no recall for any of these automakers, yet. The government is simply asking for a full list of vehicles that each of them have with Takata-supplied inflators containing ammonium nitrate propellant. The agency is concerned this substance could play a roll in the ruptures. "NHTSA is considering not only whether to issue an administrative order that would coordinate the remedy programs associated with the current Takata recalls, but also whether such an order should include expansion of the current recalls," the letters say. All seven can be viewed, here. From a report supplied by Takata, the government already knows that the company supplied 887,055 inflators with ammonium-nitrate propellant to VW and 184,926 of them to Tesla. In an incident during the summer, a side airbag allegedly burst in a 2015 VW Tiguan. In early September, NHTSA put out a revised report that there were 23.4 million inflators to be replaced in 19.2 million vehicles in the US. An earlier accounting from the agency had about 34 million of the parts in 30 million cars. High humidity is still believed to be among the biggest risk factors for the ruptures. Although, if ammonium nitrate also gets the blame, some already recalled models might need to be repaired again. Related Video:

2018 Jaguar XJR575 First Drive Review | Everyone loves an underdog, right?

The number is right there, nestled smack in the middle against the windshield in red: 575. In case you missed it, there are another four red 575s stitched into the seat backs. You might excuse Jaguar for the numerical ostentation, but with manufacturers taking the horsepower arms race nuclear, the 6-year-old XJR sure could use a hook. What better way to stand out than an engine output humblebrag? The $122,400 Jaguar XJR575 gains 25 horsepower for 2018 thanks to software recalibration, which helps scoot the 17-foot-long four-door to 60 mph in a claimed 4.2 seconds. I'm gunning the XJR575 along the mountainous passes near the Alvao Natural Park in northern Portugal to find out whether the upgrade is enough to keep this underdog relevant in the fevered pitch of the high-dollar sedan market. Glance at the Jag in profile, and you might doubt its athleticism. Though nearly identical in length to a long-wheelbase BMW 7-Series and Mercedes-Benz S-Class (and 1.8 inches shorter than the Audi A8L), the XJR575's sloping rear window and rounder styling lend it a somewhat lazier, more lavish appearance. It's also long in the tooth, this design having been first introduced in 2009, but it wears its age surprisingly well. Frankly, you just don't see XJ-series Jags as often as their strong-selling competitors, and that keeps them looking fresher, somehow. In contrast, the Germans have kept their exterior lines purposeful and contemporary looking, with more frequent redesigns furthering their cause. Climb inside, and the XJR's premium trim lends a bit more modernity to the familiar cabin. For starters, the diamond-quilted and perforated leather seats offer solid support, but they might be a bit firm for long hauls. Unlike other XJs, the XJR and R-Sport trims don't offer a massaging feature, an unfortunate sacrifice that is available on most, if not all, of the competitive set. The rear quarters do, however, offer enough legroom for serious stretching out. Tall swaths of carbon fiber trim the door panels while another thin rim of carbon extends around the dashboard, a design shorthand for sportiness despite the fact that the XJR is only available stateside in long-wheelbase form. An Alcantara headliner aids the high-end argument. A few aging elements show cracks in the facade, among them the ungainly seams at the dashboard's center and switchgear that's grown more than a bit long in the tooth.