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Strong JLR sales in China boost Tata Motors' quarterly profit

BENGALURU, India — Tata Motors Ltd on Friday posted a 67.2% surge in quarterly profit. Sales at its luxury car unit, Jaguar Land Rover (JLR), improved in key market China as the country led a recovery in the global automobile industry from the pandemic. The Indian carmaker had logged losses for three straight quarters as the COVID-19 pandemic dented business in several of its key markets even as it was already dealing with uncertainties around Brexit, weak demand and rising costs. The Brexit trade deal agreed upon in December has avoided the risk of tariffs on automotive parts and finished vehicles, Tata Motors said, adding that JLR remains encouraged by the Brexit trade deal. JLR sales in China jumped 20.2% on-quarter and were 19.1% higher from the year-ago period. Retail sales at the unit, which accounts for most of the company's revenue, were up 13.1% from a quarter ago, but still 9% lower than pre-pandemic levels. The company said it had saved 400 million pounds ($548.96 million) during the December quarter at JLR under Project Charge, taking the total savings to 2.2 billion pounds so far. Tata Motors has set a full-year target of saving 2.5 billion pounds. Consolidated net profit came in at 29.06 billion rupees ($398.52 million) for the third quarter, compared with a profit of 17.38 billion rupees a year earlier. It had reported a loss of 3.14 billion rupees in the previous quarter. The festive season in mid-November, during which Indians typically make big-ticket purchases, also helped overall sales. "Due to a strong festive season and a clear preference for personal mobility, the PV business posted its highest sales in last 33 quarters," Tata Motors Chief Executive Officer and Managing Director Guenter Butschek said. Total revenue from operations rose 5.5% to 756.54 billion rupees.

Rising aluminum costs cut into Ford's profit

When Ford reports fourth-quarter results on Wednesday afternoon, it is expected to fret that rising metals costs have cut into profits, even as rivals say they have the problem under control. Aluminum prices have risen 20 percent in the last year and nearly 11 percent since Dec. 11. Steel prices have risen just over 9 percent in the last year. Ford uses more aluminum in its vehicles than its rivals. Aluminum is lighter but far more expensive than steel, closing at $2,229 per tonne on Tuesday. U.S. steel futures closed at $677 per ton (0.91 metric tonnes). Republican U.S. President Donald Trump's administration is weighing whether to impose tariffs on imported steel and aluminum, which could push prices even higher. Ford gave a disappointing earnings estimate for 2017 and 2018 last week, saying the higher costs for steel, aluminum and other metals, as well as currency volatility, could cost the company $1.6 billion in 2018. Ford shares took a dive after the announcement. Ford Chief Financial Officer Bob Shanks told analysts at a conference in Detroit last week that while the company benefited from low commodity prices in 2016, rising steel prices were now the main cause of higher costs, followed by aluminum. Shanks said the automaker at times relies on foreign currencies as a "natural hedge" for some commodities but those are now going in the opposite direction, so they are not working. A Ford spokesman added that the automaker also uses a mix of contracts, hedges and indexed buying. Industry analysts point to the spike in aluminum versus steel prices as a plausible reason for Ford's problems, especially since it uses far more of the expensive metal than other major automakers. "When you look at Ford in the context of the other automakers, aluminum drives a lot of their volume and I think that is the cause" of their rising costs, said Jeff Schuster, senior vice president of forecasting at auto consultancy LMC Automotive. Other major automakers say rising commodity costs are not much of a problem. At last week's Detroit auto show, Fiat Chrysler Automobiles NV's Chief Executive Officer Sergio Marchionne reiterated its earnings guidance for 2018 and held forth on a number of topics, but did not mention metals prices. General Motors Co gave a well-received profit outlook last week and did not mention the subject. "We view changes in raw material costs as something that is manageable," a GM spokesman said in an email.

Jaguar E-Type 60 Collection celebrates 1961 launch and The Decade of the Cat

The night before the 1961 Geneva Motor Show, Jaguar PR man Bob Berry drove "flat out" from the English automaker's home base in Coventry to the city on the lake. Berry needed to be at the Parc des Eaux Vives in time to debut the car he was driving, a Jaguar E-Type coupe in Opalescent Gunmetal Grey with the number plate 9600 HP. Legend says he arrived at the Parc only minutes ahead of the appointed time for test drives. That morning hinted, and the decade of the 1960s would prove, that Berry also arrived driving a legend. The invited guests did so much clucking over the hardtop that Jaguar boss Sir William Lyons told famed company engineer Norman Dewis to "drop everything" and dispatch another cat to Geneva that very night. Dewis drove the roughly 700 miles in 11 hours to get a British Racing Green E-Type roadster with the number plate 77 RW to the show the following morning. To celebrate those two totems to Englishness and success, Jaguar Classic will build the E-Type 60 Collection — 12 cars sold only as six sets of two, with one coupe and one roadster in each set. All cars will be powered by rebuilt 3.8-liter straight-sixes with 265 horsepower and 260 pound-feet of torque. That motor took the show cars from zero to 60 miles per hour in 6.9 seconds, on to a top speed of 150 mph. The coupes will be painted Flat Out Grey, the roadsters in Drop Everything Green, unique colors reserved for the collection. The dozen cars will also get special design details penned by Jaguar design director Julian Thompson. Jaguar Classic already has the 12 E-Type Series 1 donor cars in its possession, and plans to begin restorations in March 2021. Jaguar hasn't mentioned pricing, and likely won't unless you intend to purchase. Seeing as a Jaguar Classic E-Type Reborn was priced at $355,000 three years ago, multiply that by two and add a touch for inflation and exclusivity for an approximate base price. If you're still interested, the E-Type 60 Collection is available to order now, so contact Jaguar Classic.