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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.

Jaguar to finish building six remaining Lightweight E-Types

Back in February of 1963, Jaguar set about making a small run of lightweight E-Types. It recrafted the bodywork out of aluminum, shoehorned in a 3.8-liter straight-six with an aluminum block, stripped out the interior, removed the chrome trim and fitted lighter-weight side windows. The result was a 250-pound reduction in curb weight and a commensurate increase in performance, especially evident on the race track. The company originally set about building 18 examples, but only managed 12. The remaining six were allocated chassis numbers, but were never built. That is, until now.
Fifty years since the last of the original 12 lightweight E-Types were completed, Jaguar has announced that it is preparing to resume production and complete the final six examples. The company has assigned its top craftsmen to the job, who will build the half-dozen continuation Lightweights to the same exact specifications as the original dozen. Former sister-company and perennial arch-rival Aston Martin undertook a similar task (or at least authorized Zagato to do so) when it sanctioned four continuation examples of the original DB4 GT Zagato based on original chassis numbers in 1988, and another two based on original body shells and stock DB4 chassis in 1992.
Jaguar has not yet announced pricing and availability for the continuation Lightweights, but the first old-is-new example is set to debut this summer, whereupon Coventry will release further details. You can bet, though, that each one will be snapped up rather quick at just about any price the British automaker cares to put on them.

Entry-level Jaguar X-Type successor due in 2015, crossover a year later

Jaguar's future product plans keep on slipping, slipping, slipping onto the internet, and the latest on it's entry-level luxury challenger is a 2015 due date. According to Automobile magazine, "most significant game-changer from Coventry" will be arriving on the same PLA platform that supports the Jaguar XJ and 2013 Range Rover. Kacher says the small sedan has already got the green light as codename X760, and will bow first as a four-door sedan, then as a crossover a year later.
This puts a date to a recent Autocar report that a small sedan and crossover were in the works. We've been getting reports of and concepts for a successor to the X-Type ever since Tata bought Jaguar - like the Bertone B99 concept last year, and this enthusiast concept more recently - since everyone knows it's what has to happen for "a new Jaguar" to succeed. We're looking forward to seeing what the English maker comes up with; if it remains true to form, it could be one of the few luxury competitors whose distinct model each look, well, truly distinct.