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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 Land Rover cutting production in face of falling demand

LONDON — Jaguar Land Rover will reduce or stop production on certain days at two of its British factories over the next few weeks as Britain's biggest carmaker pursues cost-cutting measures in response to falling demand. JLR posted a 2.3% drop in retail sales in the three months to the end of December and has targeted billions of pounds worth of savings to tackle falling diesel demand in Europe and a tough sales environment in China. The firm will halt production on selected days over a four-week period from late February at its Castle Bromwich factory in central England and stop production on some half or full days at its nearby Solihull facility until the end of March. "The external environment remains challenging for our industry and the company is taking decisive actions to achieve the necessary operational efficiencies to safeguard long-term success," the company said in a statement. "We have confirmed that Solihull and Castle Bromwich will make some minor changes to their production schedules to reflect fluctuating demand globally, whilst still meeting customer needs." The move is not connected to coronavirus, a spokeswoman said, which prompted Fiat Chrysler to warn on Thursday that a European plant could shut down within two to four weeks if Chinese parts suppliers cannot get back to work. Related Video:

Jaguar unveils a Touring version of the XE SV Project 8 super sedan

Jaguar produced just 300 examples of the bonkers XE SV Project 8 super sedan. Now, it's going to build 15 more, but in a new street-spec Touring form. It's essentially the same as the track-spec version, but you lose the extreme aero elements. If you remember the Project 8 from a couple years ago, you know it has an adjustable carbon fiber wing sitting atop the decklid. This one just has a small lip spoiler, giving it a more discreet look. Additionally, the adjustable front splitter is swapped for a smaller fixed one that is less likely to scrape on everything you encounter on the road. Finally, Jaguar removed the aggressive decals, but you're allowed to put those back on optionally if you so choose. The Touring retains the 5.0-liter supercharged V8 making 592 horsepower and 516 pound-feet of torque. That's good for a 0-60 mph run in just 3.3 seconds. There is some bad news for those angling for the highest top speed, though. Jaguar limits the wingless Touring to just 186 mph, whereas the more stable, regular SV Project 8 is allowed to hit 200 mph. Another bit exclusive to the Touring is the required four-seat configuration. You were able to option the standard car with a half roll cage in place of the rear seats. But hey, don't you want to drive your friends around in your stupid-fast Jaguar? Weirdly enough, the Touring is actually a hair more expensive than the standard car. You'll be looking at a standard price of just over $190,000 to the regular car's $187,500 starting price. The difference is negligible at that point, and the Touring will actually be far more exclusive than the already limited standard Project 8. We certainly like the looks of the Touring version — it reminds us of the Porsche 911 GT3 Touring in nature and purpose, and there's a whole lot to love about that car. Jaguar says that even though it's only making 15 of them, some slots are still open for ordering. If the most powerful Jag without a wing strikes your fancy, we'd recommend getting in touch with Jaguar sooner rather than later.