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Jaguar Land Rover undergoes $3.2 billion turnaround plan as sales slump

MUMBAI — India's Tata Motors on Wednesday announced a turnaround plan for its luxury car unit Jaguar Land Rover, which has been hit hard by trade tensions between China and the U.S., low demand for diesel cars in Europe and worries over Brexit. Under "Project Charge," Tata Motors said it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by 2.5 billion pounds ($3.2 billion) over 18 months. JLR also plans to launch several new vehicles, including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or full-electric version of all its models by 2020. "Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth," JLR CEO Ralf Speth said after Tata Motors reported a quarterly loss. JLR has trimmed its pre-tax profit expectations for the current fiscal year ending March 31, 2019, and expects to break even, Speth said, versus an earlier target of profit growth. As part of the turnaround plan, JLR will first focus on cash-saving "quick wins" like reducing non-product investments and speeding up asset sales, Tata Motors said in an investor presentation. In the near term it will improve efficiency in areas including purchasing and material cost, manufacturing, logistics and people, and will focus on strategic and non-core asset sales. JLR has already reduced the number of production days at its UK plants in Castle Bromwich and Solihull. The company said in its presentation it has saved 300 million pounds since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future. Tata Motors reported a loss of 10.49 billion rupees ($141.9 million) for the July-September quarter, compared with a profit of 24.83 billion rupees in the year-ago period. That was worse than the estimate of a loss of 2.40 billion rupees, according to Refinitiv data. JLR reported a loss of 101 million pounds during the quarter and its margin on earnings before interest, tax, depreciation and amortization (EBITDA) fell 130 basis points to 9.9 percent. Retail sales of its Jaguar sedans and Land Rover sport utility vehicles (SUVs) fell 13.2 percent to about 130,000 units, hurt particularly by tariff changes in China and escalating trade tensions. Demand in China remained muted even after the country cut import tariffs for cars and car parts to 15 percent for most vehicles from 25 percent from July.

Nearly-ready electric Jaguar XJ gets scrapped even as JLR announces its EV push

A smattering of news from Jaguar Land Rover landed this morning concerning the brands’ electric futures. One sentence partway through JaguarÂ’s long press release caught our eye, though, and it has to do with the Jaguar XJ. “Although the nameplate may be retained, the planned Jaguar XJ replacement will not form part of the lineup, as the brand looks to realize its unique potential,” the press release states. If youÂ’ve been following Jaguar XJ news, youÂ’d know that Jaguar planned on making the next-generation XJ a fully electric car. ItÂ’s been in development for several years. Jaguar has been talking it up pre-reveal, and weÂ’ve even spied the car out testing a couple times. We were expecting a debut event for this new electric XJ to happen any time now. Theoretically, it should fit in perfectly with JaguarÂ’s vision to sell 100% electric cars by 2030, right? Apparently not, because itÂ’s dead. We contacted Jaguar to get a better explanation for what is going on here. Jaguar XJ 1 View 10 Photos When queried, a spokesperson sent us this in response: “Following a thorough technology review against the exponential change in the automotive industry, we concluded that the planned XJ replacement does not fit with our vision for a re-imaged Jaguar brand. We have made the tough decision that it will not form part of the lineup, as the brand looks to realize its unique potential. However, the nameplate may be retained.” To make doubly sure that Jaguar is indeed throwing out a nearly-ready EV the same day it announces an all-EV future, we asked again, and Jaguar confirmed. “We were working on an XJ EV, but have moved on to a different approach for the entire Jaguar EV lineup vision based around a new unique Jaguar EV dedicated platform, all due in 2025,” a spokesperson sent us. So there you have it. The electric XJ was said to be built on the Modular Longitudinal Architecture (MLA) platform, and Jaguar touted it as "the world's first, full-electric luxury sports saloon.” Now that thereÂ’s a new Jaguar-dedicated EV platform in the works, the XJ on the MLA platform is canned. We asked Jaguar for more details about the why of this situation, and the above, quoted explanation hints at it. Maybe the “technology review” found that the car Jag was putting together just didnÂ’t measure up to the competition? The new platform will certainly offer much better performance and range than JaguarÂ’s current technology is capable of.

Jaguar Land Rover might buy another luxury brand that it doesn't need

It seems that Jaguar Land Rover may be getting bigger in the near future. According to Bloomberg, the company is looking at acquiring some tech companies, and possibly yet another luxury car brand, provided that it fits with the current lineup of cars. On the surface, this makes some sense since Bloomberg reports that a whopping 78 percent of Tata Motors' revenue comes from luxury brands. And of course, any kind of tech acquisition could be useful considering the rapid development of electric and autonomous vehicles. But dig a little deeper, and a possible luxury brand acquisition just doesn't make sense for Jaguar Land Rover. The main reason for this is that the Jaguar and Land Rover brands have the luxury market thoroughly covered. Both brands offer full luxury lines from entry-level to high-end ( Discovery Sport to Range Rover on the Land Rover side, and XE to XJ on the Jaguar side). They also cater to every kind of luxury, from sporty vehicles such as the F-Type and SVR Land Rovers, to cushy luxury machines such as the XJ and Range Rover. So whether the company is competing with BMW or Mercedes, Jaguar and Land Rover have the bases covered. There aren't any other typical luxury brands that would actually add anything to the current lineup. In fact, adding another conventional luxury brand could actually result in the new brand poaching existing Jaguar and Land Rover buyers, rather than picking up new ones. What would make more sense for Jaguar Land Rover would be to pick up either a more mainstream brand, or an ultra-luxury marque. Neither Jaguar nor Land Rover has something that competes directly with the likes of Ford or Toyota in the mainstream game, or Rolls-Royce or Bentley at the top of the luxury heap. Picking up a brand in one of these segments would allow JLR and Tata Motors to actually expand offerings and pick up more sales, rather than having an internal competitor. What path would be ideal? Probably going even farther upmarket. Supercar makers and ultra-luxury brands continue to sell well, and there's the potential for significant profit by layering on features and content to existing platforms. Perhaps the best possibility for a high-end complement to Jaguar Land Rover would be Aston Martin. Not only does it have a strong reputation and line-up, it also could handle both supercars and luxury sedans, thanks to its Lagonda sub brand. Of course it would require Aston Martin to be receptive to a purchase.