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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 to cut output and jobs due to Brexit, diesel slump

LONDON — Britain's biggest carmaker Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories due to a fall in sales caused by uncertainty around Brexit and confusion over diesel policy, a source told Reuters. Output will be cut at its central English Solihull and Castle Bromwich plants, affecting some 1,000 agency workers, the source said. A spokesman at Jaguar Land Rover (JLR) declined to comment on the number of jobs which would be lost but the firm said it would be making changes to its output plans. "In light of the continuing headwinds impacting the car industry, we are making some adjustments to our production schedules and the level of agency staff," the company said in a statement. It is not renewing the contracts of a number of agency staff at the Solihull site and would be informing staff on Monday of its plans for the 2018-19 financial year. In January, the firm said it would temporarily reduce production at its other British plant of Halewood later this year in response to weakening demand due to Brexit and tax hikes on diesel cars but did not detail any job losses. Jaguar sales are down 26 percent so far this year whilst Land Rover demand dropped 20 percent in its home market as buyers shun diesel, concerned over planned tax rises and possible bans and restrictions in several countries. "It's been obvious to everyone that sales have been dropping," the source said. British new car registrations have been falling for a year which the car industry body has partly blamed on weakening consumer confidence in the wake of the Brexit vote, after record demand in 2015 and 2016. Reporting by Costas Pitas. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: REUTERS/Phil Noble Hirings/Firings/Layoffs Plants/Manufacturing Jaguar Land Rover Diesel Vehicles Luxury sales jaguar land rover jobs brexit

Junkyard Gem: 2000 Jaguar S-Type

My junkyard studies of Jaguars have focused mostly on the four-wheeled felines of the 1960s through 1980s, but plenty of more recent Jags may be found in U-Pull-type yards around the continent. Today's Junkyard Gem appeared in a Northern California boneyard last summer, and it had stories to tell. Once Ford took over Jaguar in 1990, the idea of a midsize Jaguar saloon to steal sales from the BMW E39 5 Series and Lexus GS seemed like an increasingly good idea, and so a name used on a mid-1960s version of the Jaguar Mark 2 was revived for use on a car built on the same platform as the Lincoln LS. Both the new S-Type and LS appeared during the 1999 model year, and both are fairly easy to find in your local Ewe Pullet today. American S-Type buyers could choose between a 3.0-liter V6 and various flavors of V8 (including a hairy supercharged V8 good for 400 horses in the S-Type R). This car has the V6, which was based on the Duratec out of the Taurus and made 281 horsepower. In theory, American S-Type (and Lincoln LS) buyers could get a five-speed manual transmission on V6-equipped 1999-2003 cars … but I've never seen a three-pedal S-Type/LS, and I've been looking hard. As you'd expect, European S-Type buyers could get both manual transmissions and diesel engines for the duration of the car's 1999-2007 production run. This car has a ZF six-speed slushbox. The interior looks to have been in good condition when the car showed up here, and the original manuals were still in the car. Some of the wood trim got a bit cracked in the California sun during the car's two decades on the road. That sure looks a lot like a Kia Amanti nose, doesn't it? The Amanti appeared a few years later and showed strong S-Type (and E-Class) styling influence. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Beyond beautiful. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. History repeating.