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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 will use recycled waste to make parts for future models

Jaguar-Land Rover's future models will be partially made of junk. The company announced it's working on integrating a recycled material named Econyl into its manufacturing process in the coming years. Created in 2011 by Italy-based Aquafil, Econyl is a fiber made with a blend of recycled industrial plastics, fabric offcuts sourced from clothing manufacturers, and discarded fishing nets aimlessly floating around the ocean. It's more eco-friendly to produce than oil-based fibers, according to Jaguar, and it helps clean up the planet. Jaguar and Land Rover will use Econyl to make floor mats in the not-too-distant future. Neither company listed the models they'll put the material in, but it's reasonable to assume recycled floor mats will be available in the next-generation XJ, which will be electric, and the next-generation Range Rover. Both will be released in 2021. Eco-friendly materials are slowly but surely spreading across the luxury car segment. Jaguar already offers the I-Pace with a Kvadrat upholstery that combines regular wool and up to 53 recycled plastic bottles per car. Audi's fourth-generation A3 is optionally available with an upholstery made largely using recycled plastic bottles, and Volvo estimates at least 25% of the plastics in its cars will be recycled starting in 2025. Environmentalist organizations are putting an increasing amount of pressure on carmakers to deliver so-called vegan interiors. A group called EarthSight recently accused several companies (including Jaguar-Land Rover and BMW) of using leather from cattle raised on illegally logged lands in Paraguay. Representatives for the British company stressed they found no evidence to verify EarthSight's claims. Related Video:

Jaguar F-Pace R-Dynamic is back in Black Pack

When Jaguar rationalized the F-Pace lineup for 2021, streamlining 12 variants into just five, old names and packages got left in last year. The previous R-Sport model is history, as are last year's special edition visual packs: Chequered Flag and 300 Sport. The F-Pace R-Dynamic is the new breed of mid-grade sporty in the 2022 lineup, coming in below the SVR, and Jaguar's just unveiled a Black Pack for it in the UK. A familiar name in the Coventry history books, the Black Pack does now what it's always done — dress up the exterior in gloss black. That means the grille and grille surround, fender vents, side window trim, door mirror caps, rear valance below the bumper, and rear badges come in the same color as deep space. Only shinier. The rolling stock is tailored to match, a set of 20-inch gloss black rims hiding red brake calipers. Flourishes inside the cabin include Satin Charcoal Ash veneers, bright metal pedals, privacy glass, and a fixed panoramic glass roof. The entire range sees a few tweaks in the cabin besides. Upgraded Premium Cabin Lighting adds 20 more colors, making 30 in total. For owners sensitive enough to day-old oxygen in their $70,000 crossovers, the Air Purge function can be set to clear the interior of stale air before occupants arrive by setting a timer in the infotainment system or on the Jaguar Remote App. A CO2 sensor keeps the ambience effervescent while on the go, unobtrusively adding fresh air when carbon dioxide exceeds the recommended daily allowance. The fastidious will also be able to monitor particulate levels inside and outside the vehicle in a display on the touchscreen. And coming over-the-air updates for the Pivo Pro infotainment system will enable wireless Android Auto and Apple CarPlay.  Outside, there's a new color called Ostuni White (pictured), as well as self-sealing tires that can be had on 19-, 20-, and 21-inch wheels when shod in all-season rubber. Finally, adaptive cruise control received steering assist to keep the F-Pace centered in its lane. These updates haven't made it to the U.S. yet, but we expect them to arrive on the boat with the 2022 models for our market.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.