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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.

Junkyard Gem: 1994 Jaguar XJ12

While Americans were able to buy new Jaguar two-doors with V12 engines under their bonnets from 1971 all the way through 1996, availability of new Jaguar 12-cylinder sedans was much spottier here. The Series 1 and Series 2 XJ12s were sold here from the 1973 through 1979 model years, and then there was a grim Jaguar V12 four-door drought here all the way until the 1994 model year. Here's one of those very rare felines, found in a Northern California boneyard in April. Jaguar had developed the XJ40 successor to the Series 3 XJ over an agonizingly protracted period that spanned the British Leyland era of the early 1970s through the first production cars being shown to the world in 1986. The XJ40 first appeared in the United States as a 1988 model. The following year, the Ford Motor Company bought Jaguar. The engineers in Coventry struggled to design a viable V12-engined XJ40 for years, giving it the XJ81 designation. At long last, the XJ81 was revealed to the motoring world in 1993… just prior to the replacement of the XJ40 by the XJ300 for the 1995 model year. All of the XJ81s sold in the United States—just over 1,500 of them in all—were 1994 models. This junkyard provided a bonanza of rare European iron when I stopped by on that chilly spring morning. Located within a few rows of this one-year-only XJ81 were a Volkswagen Phaeton and a Rolls-Royce Silver Shadow. The yard also had a running Peugeot 504 for sale in their "builders" section, and I'll admit I was very tempted by it. The April 1994 production date indicates that this is one of the very last members of the XJ40/XJ81 family to be built (though Jaguar continued to use platforms derived from the XJ40 until the X350a arrived as 2003 models). This 6.0-liter engine was an excruciatingly tight fit in this engine compartment (there are semi-credible tales that the XJ40's engine compartment was made so narrow as a sneaky office-politics means of preventing British Leyland from installing Rover V8s in Jaguars), and working on it must be a mechanic's nightmare. Output was 301 horsepower and 336 pound-feet. Meanwhile, Mercedes-Benz's V12 was rated at 389 horsepower and 420 pound-feet, while BMW's V12 had 296 horsepower and 332 pound-feet. The MSRP for this car was $73,200 for the dual-airbag version (and we can see that both airbags were deployed in this car's career-ending crash). That amounts to $151,889 in 2023 dollars.

Jaguar's EV plans now include a large, lavish sedan that won't be called XJ

Autocar reports Jaguar has resuscitated plans for an electric XJ after canceling the previous attempt, albeit under a different name. There are supposedly two Jaguar-branded EVs arriving in 2025. We know one will be a four-door GT the automaker teased in April of this year. The scant intel we received on it claimed more power than any previous retail Jaguar, besting the 590-horsepower XE SV Project 8, and a starting price around GBP100,000 (around $125,000). We'll guess the output claim represents a top-shelf trim, the starting price represents an entry-trim. The most expensive hardtop the company sells in the U.K. now is the F-Type R 75, asking GBP103,075. A Porsche Taycan, the obvious comparison to a sporty, four-door, six-figure, battery-electric GT, starts at GBP79,200 and runs to GBP148,300 for the Taycan Turbo S. Autocar said company sources outed the Jag as a lavish electric sedan that is effectively, in the magazine's words, a "de-facto XJ replacement but larger and much more luxurious." The Coventry automaker's been dealing with even more turmoil than usual in the past several years, so it's difficult to pin down how many times plans have changed and when. It's thought the original plan had the GT launching ahead of two SUVs. The larger of the two SUVs would be flagship of a three-model electric lineup, specced and priced to challenge the Bentley Bentayga, the English maker joining a cadre of mass-market luxury brands going superluxe and repeatedly naming Bentley as the target. In July of last year, Autocar reported the new plan was "a trio of... electric crossovers," a near-production concept not due until the end of 2024. Now, Autocar's sources maintain the model count remains at three, all of which will sit on the dedicated, long-wheelbase Jaguar Electric Architecture (JEA). If this plan holds, there will be that four-door GT against the Taycan, the SUV against the Bentley, and the swanky sedan as something like a BMW i7 competitor. It is expected to be about the length of the 219-inch Bentley Mulsanne, offer all-wheel drive, all-wheel steering, a range spread of about 385 to 475 miles on the European cycle, and the ability to recharge its battery from 10% to 80% in 13 minutes. The report also said the output floor would be at around 450 hp.