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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 I-Pace EV has a new pedestrian warning sound: Listen to it here

Jaguar's production of its first electric car means it also has to deal with a problem everybody else has been trying to solve: noise, or rather, the lack thereof. People can hear an engine at low speeds when they're walking along a sidewalk. The same can't be said for silent-operating electric cars. We wrote about Chevrolet's latest solution to the noise problem a few weeks back, and now Jaguar is sharing what it came up with for the I-Pace. The noise it didn't use is almost more interesting than the one it did, though. Jag says its first iteration was meant to be spacecraft/UFO inspired, but apparently it was so convincing that people tended to look up at the sky instead of at the road. Engineers switched it to what seems like a pretty general hum sound for production. Take a listen yourself in the video above — you'll hear the noise at the 40-second mark, and a few other spots after that. The sound is emitted from a speaker behind the grille at speeds up to about 12 mph. It'll change in pitch and volume to correspond to the increasing or decreasing speed of the vehicle — it even changes tone when you shift into reverse to signal a change in direction. Jaguar says the noise is no longer needed at speeds above 12 mph because tire and wind noise become sufficient enough at that speed. Chevy turns the noise off on the Volt at about 20 mph, however, showing that manufacturers haven't really come to a consensus on what should be happening. A U.S. law that hasn't gone into effect yet will ask manufacturers to keep the noise at up to 18.6 mph, though. We happen to be partial to the jaguar growl heard right at the end of the video as a warning sound. That's how you make an entrance with a Jaguar. These kinds of systems are necessary to warn those who might be blind or visually impaired, but distracted walkers are a huge demographic of people needing a warning too. Everybody walks around with their head buried in a phone nowadays, making silent vehicles a hazard of our own habits. Jaguar says it specifically engineered the noise so that it doesn't intrude upon the cabin, so only pedestrians are bothered by the hum when slowly plodding through cities. Jaguar I-Pace pedestrian warning sound View 10 Photos Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Jaguar Green Driving Technology Crossover SUV Electric Luxury pedestrian safety jaguar i-pace

2019 Jaguar I-Pace pricing announced, starting at $70,495

The Jaguar I-Pace electric vehicle arrives in the United States later this year with a starting price of $70,495, including destination, putting it head-to-head with luxury EV rivals like the Tesla Model S sedan and Model X crossover. Jaguar's fully-electric crossover is powered by two electric motors, one at the front and another at the rear, with the battery pack nestled in an underfloor, positioned in-between the front and rear axles. This powertrain not only provides the all-wheel-drive I-Pace with a low center of gravity and perfect 50:50 weight distribution, it delivers a total of 394 horsepower and 512 pound-feet of torque. According to Jaguar's stopwatch, the I-Pace accelerates from 0 to 60 mph in only 4.5 seconds and has a top speed of 124 mph. That lives up to the performance level a customer expects from Jaguar – not to mention being a match for the straight-line speed of Tesla's offerings at this price range. It should be noted, however, that despite aligning on price and performance with models S and X, the I-Pace is a bit closer in size to the Model 3. As we've already noted, the Jaguar's 90-kWh lithium-ion battery pack provides a useful range of up to 240 miles between charges. When you're running low on juice, a 100-hW DC fast charger will provide 80 percent of range in only 40 minutes. That's still a considerable amount of time compared to filling up with gasoline, though it's much better than the hours-long wait EVs usually required only a few years ago. Plugging in at home does require more patience, however. Using a 230-volt, 32-amp Level 2 home-charger requires just over 10 hours to recharge your I-Pace. Three trim levels are offered: S, SE, and HSE. There will also be a fully-loaded, one-year-only "First Edition" based on the HSE trim level, which carries a price of $86,895. In fact, it's very easy to start adding options – and a heftier tab – onto the base price of the I-Pace. Available safety features on the entry-level model include blind-spot assist, adaptive cruise control with steering assist, high-speed emergency braking, and a 360-degree surround-view camera. The First Edition model is pretty much the upper limit of I-Pace pricing, and comes fitted with all those safety features, along with a full leather interior, 20-inch alloy wheels, a 15-speaker Meridian surround sound stereo, and premium LED headlights. It's worth noting that Jaguar includes a substantial 8-year/100,000-mile battery warranty with each I-Pace.