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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.

Stunning Jaguar E-Type Lightweight tribute featured by Petrolicious

This is a Series 1 Jaguar E-Type Coupe. Enzo Ferrari, Il Commendatore himself, called it "the most beautiful car ever made." It can count among its owners Steve McQueen, Brigitte Bardot and a number of other celebrities from the 1960s. It remains one of the prettiest and coolest cars ever.
While we don't normally prescribe to modifying classics like the E-Type, cars that are used for vintage racing, like this particular example, are certainly the exception. It's owned by Jason Len and is the subject of the latest video from the team at Petrolicious.
Len's 1964 E-Type has been fashioned to look like one of the rare Lightweight E-Types from 1963 and 1964. The aluminum-bodied E-Types, of which only a dozen were built, were all intended exclusively for racing, much like Len's heavily modified example. While it retains the 3.8-liter straight-six, its engine, transmission, suspension, brakes and body have been extensively tweaked and fettled to allow this classic Jag to compete with a field of V8s.

Junkyard Gem: 1965 Jaguar S-Type 3.8

The first Jaguar XJs appeared on American roads in late 1968, and decades of production made it the iconic Jaguar sedan most familiar to us today. Before the XJ, however, there was the Mark 2, and that powerful and stylish midsize saloon sold fairly well here during the 1960s. The S-Type (yes, the Leaper-badged Lincoln LS sibling built by Ford around the turn of the century took its name from this car) was an upgraded version of the original Mark 2, sold here for the 1964 through 1968 model years. Here's a rough but recognizable '65 S-Type 3.8, found in a Denver-area wrecking yard recently. The feature that set the S-Type apart from the ordinary Mk2 was this independent rear suspension, based on the one used in the bigger and costlier Jaguar Mark X. The base Mk2 and its old-timey solid rear axle remained available in 1965, with a sticker price of $5,419 (about $51,460 in 2022 dollars), while the S-Type cost $5,933 (around $56,340 now). Yes, those inboard disc brakes were just as much a nightmare to work on as you'd think, but they reduced unsprung weight and improved the handling and ride. This car was about the same size as a typical Detroit midsize sedan of the day, but far more expensive and much more prestigious. GM's swankiest S-Type-sized offering, the Buick Skylark, cost a mere $2,552 ($24,235 today) and had a notable lack of real wood inside. Actually, that Skylark with the optional 300-cubic-inch (5.0-liter) "Wildcat 355" V8 would have been a lot quicker than the S-Type, at least in a straight line, and your friendly Buick dealer probably could have arranged to have the hot-rod 401 (and its 325 horses) out of the Gran Sport coupe stuffed into a new Skylark sedan. The S-Type of 1965 got this sophisticated DOHC straight-six of 3.8 liters' displacement, rated at 220 horsepower. As you'd expect, someone grabbed the pair of SU sidedraft carburettors before I got here, perhaps before the car even arrived at this place. The 4.2-liter version of this engine used in the Mark X got three carbs. I suspect that this car was bought by a Denver-area Jaguar enthusiast for parts, decades back, and then was used for outdoor storage of components for future projects.  These cars are worth decent money in good condition, but this one would need the application of tens of thousands of dollars to be worth … tens of thousands of dollars. As someone who daily-drove an MGB for a few years, the sight of all this Lucas electrical hardware makes me sweat a little.