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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.

2018 Jaguar F-Pace S Live Video Review | Snow day edition

We're nearing the end of our six-month long-term test of the 2018 Jaguar F-Pace S. We've put nearly 12,000 miles on the car in just a few months, and we have plans to add a few thousand more before time runs out. It's been a cold and snowy winter, so the Jaguar's combination of heated seats, an electrically-heated windshield and all-wheel drive has made it a popular choice. It's going to be a sad day when the car goes back to Jaguar, though our new long-term 2018 Honda Ridgeline will help fill our cat-sized void. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. A few months back, we did a midterm check-in on during a Facebook live video. As you can see by my coat and our white backdrop, the weather has only gotten worse. The cold does change things, so this gives us a good opportunity to see how well the F-Pace is holding up. Watch the video above or click through to see the comments on Facebook. Related Video: Image Credit: Reese Counts Design/Style Jaguar Long-Term Garage Crossover SUV Luxury Performance jaguar f-pace jaguar f-pace s

Junkyard Gem: 1977 Jaguar XJ6L

British Leyland began selling the Jaguar XJ in 1968, and production continued through multiple platform generations (and corporate owners) until just a few years ago. The original XJ was facelifted twice, in 1973 and 1979, with sales of the six-cylinder version extending into 1987 (Series 3 cars with V12s were built through 1992). Production numbers were never very high, but these cars proved popular in the United States and I still find them every so often during my junkyard travels. Here's a Series 2 XJ6 saloon that showed up in a Denver-area self-service yard last winter. Jaguar introduced a long-wheelbase version of the XJ saloon for 1972, giving it a four-inch stretch in order to better compete against the planned Rover P8. Since Rover was a fellow British Leyland brand, this was like Buick pouring big resources into crushing a threat from Oldsmobile, to the detriment of the overall company. In any case, the long-wheelbase saloons proved so successful that the short-wheelbase four-doors got the axe a couple of years later (the coupes stayed on the shorter chassis). Jaguar continued to add the "L" badging to the saloons for quite a while after that, presumably because it looked classy. The paint on all the upper body surfaces has been nuked down to the steel by the relentless High Plains sun, so we can assume that this car spent a decade or three sitting parked outside. It may have started out in Arizona, one of the few places with fiercer sunlight than eastern Colorado. Is it possible that it really turned a mere 46,630 miles during its life? With most cars of this vintage, I'd assume that the five-digit odometer has been turned over once or twice. With a Jaguar and its troublesome electrical components made by the Prince of Darkness, however, that's not such a sure bet. To own a car like this, you need to be willing and able to give it the money and work it requires to stay on the road; not many are suited to this responsibility. The interior looks to have been in very nice condition before the car got parked in a field somewhere. The wood interior trim has seen better days. Back in the 1970s, Mercedes-Benz had a big edge over Jaguar with mechanical sophistication and build quality, granted, but Jaguar beat those Stuttgarters hands-down when it came to making a car interior feel like a billionaire's library. The engine is a 4.2-liter XK6 straight-six, rated at 162 horsepower and 225 pound-feet.