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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 F-Pace snapped inside and out

We've seen the Jaguar F-Pace undergoing testing before: at the Nurburgring, in the snow, and wearing a variety of different bodywork as development has progressed. But we've never seen it this close, and we've never seen it inside, until now. This latest batch of spy shots shows Coventry's new crossover out on the road undergoing warm-weather testing in what looks like Spain. It's tellingly parked in between a Jaguar XE and Range Rover Evoque, the gap between which the F-Pace is expected to bridge. It's still wearing heavy camouflage, of course, but this is our first glimpse inside the cockpit. The cabin rather similar to the one on the new XF sedan – and hardly any more upright, either, which tells us a bit about the handling character Jaguar is going after with the F-Pace. Expect to see the finished product at the Frankfurt Motor Show this coming fall – the same show where it unveiled the C-X17 concept two years ago to preview its arrival. Related Video:

Jaguar bringing all-wheel-drive F-Type to LA Auto Show [w/video]

Jaguar's big splash at last year's Los Angeles Auto Show was showing off the slinky F-Type Coupe; perhaps one of the loveliest car shapes on the road today. This year the company won't have a show-stopping new design to offer, but the news that all-wheel drive is coming to the F-Type range is, nevertheless, pretty spectacular.
Mixed in with news about a technical partnership between Jaguar and the Bloodhound SSC World Land Speed Record program, the British brand announced this morning that it will show the first AWD F-Type Coupe at the 2014 LA show later this month.
Jaguar tells us that the sure-footed cat, in AWD F-Type R Coupe form, will run from 0-60 miles per hour in just 3.9 seconds, with a limited top speed of 186 mph.