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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.

Tata Motors posts quarterly loss and warns of inflationary costs

BENGALURU — Jaguar Land Rover (JLR) owner Tata Motors reported a quarterly loss on Monday that was bigger than expected and warned of rising inflationary costs. Automakers worldwide have been roiled by chip shortages, supply chain disruptions, COVID-19 restrictions and rising raw material prices after a short-lived recovery towards the end of 2020. "Demand remains strong despite near term concerns ... the semiconductor supply situation is improving gradually whilst inflation worries persist," Tata Motors said in an exchange filing. The company expects chip shortages at JLR to continue through 2022 as suppliers gradually ramp up production, and is also engaging directly with chip manufacturers to secure supply longer-term supplies for the Range Rover maker, it said. Tata Motors' consolidated net loss came in at 15.16 billion rupees ($203.23 million) for the quarter ended Dec. 31, compared to a profit of 29.06 billion rupees a year earlier, when an easing of pandemic-related restrictions led to a pick-up in sales. However, the recovery was short-lived as acute semiconductor shortages and supply chain disruptions delayed production, and Tata Motors slipped back to losses. For the reported quarter, analysts had expected the Mumbai-based company to report a loss of 3.30 billion rupees, according to Refinitiv IBES data. Tata Motors' earnings before interest, taxes, depreciation, and amortization (EBITDA) margin, a key measure of profitability, was 10.2% for the quarter, above estimates of 9.3%. Total revenue from operations for the quarter fell 4.5% to 722.29 billion rupees, below estimates of 775.93 billion rupees. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Jaguar Land Rover

Jaguar to create Panthera electric vehicle platform in-house

Jaguar Land Rover CEO Thierry Bollore isn't trying to make Jaguar's turnaround, called "Reimagine," easy nor inexpensive. What it appears he's most interested in doing is making sure the turnaround creates a range of Jaguar electric vehicles that exude the historic Jaguar-ness the brand still gets credit for but hasn't been known for in a while. He had told Autocar last year that future products must be "really modern luxury cars that are the copy of nothing in style or design, the top of technology and refinement, but not looking backwards." Since then, the brand had cast around for an existing electric platform created by another automaker or a supplier that it could adopt for Jaguar use, but nothing met the standard. Instead, Autocar now reports the English carmaker will create its own EV platform in-house. Company CFO Adrian Mardell said in an investor call the platform is called "Panthera," which is the scientific name for the genus of large cats that include jaguars, leopards, lions, and tigers. Bollore said, "Concerning the new Jaguar, we're making unique proportion a priority. That's the reason why at the moment we do it by ourselves." Some have fastened on the phrase "at the moment" to suggest the Panthera plan could be temporary. And while that's possible — there have been a lot of temporary plans all over the industry for the past few years — Jaguar is expected to release the first EV in its new lineup in 2025, so the plan couldn't be temporary for long. Slightly under four years from now would be just enough time to create a new mechanical architecture on a new technical foundation to serve a new vehicle. Emphasis on "just." The Panthera platform makes sense, if Jaguar can pull it off. Bollore wants the coming Jaguars to be considered alongside Bentley and Aston Martin, so he'll need those unique proportions along with brilliant design to draw buyers that haven't considered the brand in ages, if ever. The makeup of the revamped model line remains murky. On the sedan side, it's thought the XE and XF might become a single midsize four-door. The return of a true flagship sedan isn't clear, but it seems a good possibility considering the intended competition and as a differentiator with sister brand Land Rover. As to crossovers, the E-Pace and F-Pace might make the transition to battery power, and a new J-Pace flagship crossover looking unlikely in order to, again, maintain space from Land Rover.