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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.

CMC to produce limited run of Callum's Jaguar Mark 2 [w/video]

We were a more than a little jealous when designer Ian Callum revealed his Jaguar Mark 2 restomod that he commissioned from Classic Motor Cars. It turns out that we weren't the only ones that dug it - the reaction was so great that CMC got Callum's permission to create a limited run of them for customers. Although, with prices quoted between £350,000 and £375,000 ($572,000 - $613,000), we doubt Ian needs to worry about seeing a copy of his creation pass him too soon.
"Within hours we had received calls from people all over the globe asking if they could buy one," said Peter Neumark, Chairman of CMC in the latest announcement. The reaction came as a surprise to Callum, who said he designed the car entirely to his own specifications and actually wasn't sure if people would like it.
Among Callum's many changes are new bumpers, wider front fenders with functional louvers and less chrome trim. Under the hood is a 4.3-liter six-cylinder fitted with two SU carbs putting out around 260 horsepower and 280 pound-feet of torque. It should be a much better driver too, with a completely re-engineered independent rear suspension, adjustable dampers at all four corners, improved brakes and a new rack and pinion steering system designed by CMC with electric assist.

Jaguar XJ50 Road Trip Review | Driving the XJ50's history

PARIS, France – It's motor show week in Paris, and Jaguar – which launched the original XJ here in 1968 – is indulging in a little nostalgia to celebrate the 50th anniversary that event. In the half century since, it's become the brand's definitive model – as the Wrangler is to Jeep and the 911 is to Porsche. This sexy, curvaceous and unashamedly sporty sedan set the template for generations of XJs. And to get to the show, I'm going to drive examples of each on a roadtrip from Jaguar's home in Coventry and onward to Paris, via Goodwood and Le Mans. There's new product to enjoy along the way, too, in the shape of the celebratory XJ50 trim level created to mark the anniversary. But this is really a chance to explore Jaguar's past, and how previous XJs will inform the company's future. Respecting traditions without being chained to them is a recurring theme in the XJ story and one Jaguar has, at times, struggled with. Nobody understands this better than design boss Ian Callum, who says the original XJ inspired his dream to one day design cars for Jaguar. When his moment came, however, the opposing pressures of nostalgia and innovation became apparent. He recalls seeing the clay models for the circa 2002 XJ, code named X350, styling for which had already been signed off when he started. "I asked 'this is the new one?' because, to me, it looked just like the old version," he says with characteristic bluntness. Callum's chance to truly reinvent the XJ finally came in 2009 with the current model, a car that jolted Jaguar and its customers out of their comfortable slumber. "It's nearly 10 years old now but I still think it looks good – I'm very proud of what we did with that car," he says. Professionally Callum is always looking ahead. Personally he's happy to indulge himself in what came before. He even brought his own XJC – the rare coupe version of the 70s XJ – to drive on the event. Sadly, the XJC didn't make it off the start line in England, but he's clearly enjoying the chance to immerse himself in XJ history. As am I. Given his appraisal of its retro looks, it's interesting to start in the X350. Here you encounter those aforementioned opposing forces: the forward-thinking aluminum construction (which inspired manufacturing techniques used by Jaguar to this day) and the staid styling. Like many of the heritage fleet examples here, this one is actually badged as a Daimler – to Jaguar what Maybach is to Mercedes.