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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's futuristic 'Sayer' steering wheel might make your morning coffee

In the not-too-distant future, it would be the only part of the car you'd actually own. If it were the subject of a surrealist painting from 1929, it might feature the tagline, "Ceci n'est pas un volant," the French word for steering wheel. Jaguar calls it Sayer and says it's the steering wheel of the future — the first voice-activated, artificial intelligence steering wheel that will be able to carry out hundreds of tasks and follow you from car to car. "Imagine a future of autonomous, connected and electric cars where you don't own a single car, but instead call upon the vehicle of your choice where and when you need it," the company says. "That's a future vision Jaguar Land Rover is exploring with Sayer, the connected steering wheel that could be the only part of the car you own." Automakers focused on developing autonomous vehicles have proposed doing away with pedals and steering wheels, but this is the first we've heard of that envisions the steering wheel, such as it is, as your veritable car keys in a self-driving, car-sharing world. Jaguar says it could order up a ride to get you where you need to go on time, and it could even advise you when you might enjoy driving part of the journey yourself. No word on whether it can sync with a toaster for breakfast, however. The concept device is named after Malcolm Sayer, a Jaguar designer from 1951 to 1970 who's responsible for the E-Type and D-Type racer, which won the Le Mans 24-hour race three times in a row in the 1950s. It will feature on a Jaguar concept called Future-Type in 2040. In the meantime, it will be unveiled at Tech Fest at Central St. Martins, University of the Arts London on Thursday, Sept. 7, as part of the automaker's "Technology with Heart" presentation. The festival is free to the public Sept. 8-10. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Jaguar Green Weird Car News Jaguar Technology Emerging Technologies artificial intelligence steering wheel voice command

Porsche 911 Turbo and Nissan GT-R Nismo star in World's Greatest Drag Race 4

We love Motor Trend's annual World's Greatest Drag Race video. Now back for its fourth appearance, the idea of lining some of the world's fastest cars up for a ten-wide, straight-line, full-throttle run is, well... it's pretty freaking badass.
The lineup this year boasts some impressively fast cars to be sure. The group of ten includes the following darlings: Alfa Romeo 4C, BMW i8, BMW M4, Chevrolet Camaro Z/28, Ford Fiesta ST, Jaguar F-Type R Coupe, Nissan GT-R Nismo, Porsche 911 Turbo S, Subaru WRX STI and, last but not least, the Volkswagen GTI. Give us any one of those for the weekend, and we're happy to take the keys.
It must be said though, that for a publication that draws as much water as Motor Trend does, there are some big cars that we might expect to be here instead. The Lamborghini Huracán or Ferrari 458 Speciale would have added some exotic flare to the list, and the omissions of the Chevy Corvette Stingray (for the second year in a row) and the Dodge Challenger Hellcat are real head-scratchers.