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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.

2015 Jaguar F-Type Coupe is a seriously pretty kitty

The F-Type roadster is a beautiful car, but if we're honest, the coupe might be even more so. The hard top creates a smooth, uninterrupted line from the windshield all the way back to the rear of the car, the kinked-up rear-quarter windows are a nice touch and, overall, the design looks more organic than the roadster.
With the coupe's introduction also comes a new engine in the F-Type lineup, the 550-horsepower 5.0-liter supercharged V8 found in the XFR-S and XKR-S, and it's fitted to the top model, the F-Type R Coupe. The 495-hp mill in the V8 S roadster won't be an option in the coupe, however, but we're okay with that because Jaguar claims the 550-hp variant will scoot to 60 mph in just four seconds. Jaguar also will offer the base F-Type Coupe, with a 340-hp 3.0-liter supercharged V6, and the F-Type S Coupe, which has the same engine tuned to 380 hp. The base and mid-level models are quite quick, and can accelerate from 0-60 mph in 5.1 and 4.8 seconds, respectively.
The F-Type Coupe is priced starting from $65,000, the S Coupe adds $12,000 and the R Coupe starts at $99,000 (prices don't include $895 destination fee). For more F-Type Coupe info, check out our previous post on it, or head on below to read the press release.

1956 Jaguar D-Type could top $5M at Arizona auction

The Jaguar D-Type is an essential element of the marque's history, one of its most successful racing cars, and one of its most beautiful creations. Chassis number XKD 604, pictured here, was the first of six long-nose Jaguar D-Types made for the factory team in 1956. They were, however, far from ubiquitous, with only 53 made for private customers, and another 18 campaigned by the factory racing team. More advanced than the examples that preceded it, this one was equipped with a de Dion rear suspension and fuel injection. It didn't have much of a distinguished racing career to speak of, passing from the factory to the Ecurie Ecosse team in Scotland which kept it in storage for years. After the team's closing, it passed through the hands of two British owners, undergoing a full restoration at the hands of the latter, before trading between two US owners. Although precise pre-sale estimates are available by request to interested parties, RM confirmed to Autoblog that this example "is expected to fetch more than $5 million when it crosses the auction podium in January." According to Sports Car Market, last year the same auction house sold a customer D-Type in Paris for nearly that much. However at its London auction in 2013, another works example failed to sell despite a high bid of over $6.2 million. If this one takes in more than that, it'll set a record for the type. If classic Jaguars aren't your thing, RM also has lined up an enviable roster of Ferraris. Included among them is a yellow '71 Daytona (estimated to fetch over $700k), a silver '91 Testarossa (~$250k), a rare yellow '95 F512 M (~$450k), and a pristine 2011 599 SA Aperta (~$1.3m). Porsche fans will want to check out the '76 911 Turbo (~$250k) and the soft-window '69 911 S Targa (~$225k). With the auction not set to take place until January 28 at the Arizona Biltmore, you can bet there'll be a good number of additional lots consigned between now and then.