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Jaguar Land Rover to cut thousands of UK jobs

LONDON — Britain's biggest carmaker Jaguar Land Rover (JLR) is set to cut thousands of jobs as the company faces lower demand in China and a slump in sales of diesel cars in Europe. The central English firm builds a higher proportion of its cars in Britain than any other major or medium-sized carmaker and has also spent millions of pounds preparing for Brexit, in case there are tariffs or customs checks. Britain's business minister Greg Clark said on Thursday it is clear why a no-deal Brexit would add to the problems with further costs and disruption. JLR lost 354 million pounds ($450 million) between April and September 2018 and had already cut around 1,000 roles in Britain, shut its Solihull plant for two weeks and announced a three-day week at its Castle Bromwich site. Its Chief Executive Ralf Speth warned in September that the wrong Brexit deal could cost tens of thousands of car jobs and posed a threat to production at the automaker. The Tata Motors-owned company, which employs around 40,000 people in Britain and has boosted its workforce at new plants in China and Slovakia in recent years, unveiled plans to cut costs and improve cash flows by 2.5 billion pounds last year including "reducing employment costs and employment levels." Those cuts will be "substantial" and run into the thousands, the source told Reuters. "The announcement on job losses will be substantial, affecting managerial, research, sales, design," said the source, who spoke on condition of anonymity, not affecting production-line staff "at this stage." The company declined to comment when contacted by Reuters on Thursday. Ford also said on Thursday it will cut thousands of jobs in Europe, exit unprofitable markets and discontinue loss-making vehicle lines as part of a turnaround effort aimed at improving profit margins in the region. Brexit warnings JLR, which became Britain's biggest carmaker in 2016, had been on course to build around 1 million vehicles by the turn of the decade, reported on Thursday a 4.6 percent drop in full-year sales to just under 600,000 vehicles. Demand in China, which had once been one of its strongest countries but has since been hit by a slowdown, fell by 21.6 percent, the biggest drop of any of its markets. "The economic slowdown in China along with ongoing trade tensions is continuing to influence consumer confidence," said Jaguar Land Rover Chief Commercial Officer Felix Brautigam.

Watch a Jaguar F-Type R drag a parachute at 186 mph

With carbon-ceramic brakes on offer, the Jaguar F-Type R Coupe can shed off speed even faster than it can rack it up. Even the standard steel rotors do a pretty good job of it. But what would happen if you deployed a parachute out the back of the Jag at 186 miles per hour, like you might with a drag racer? That's what the British automaker has found out in this latest video. And just why would they do such a thing, you ask? Because Bloodhound, that's why. Jaguar is providing technical support to the Bloodhound SSC land speed record attempt, and one of the roles into which the F-Type has been pressed is to check the parachute that will (along with the air brakes and rotors) form an integral part of the jet- and rocket-powered vehicle's run. To make sure the chute would do its job, the team put Royal Air Force pilot Andy Green behind the wheel of the specially equipped F-Type at the RAF air base in Bentwaters, Suffolk, UK, had him speed down the runway up to the car's top speed and deploy the chute. Fortunately, as you can see from the minute-long clip, everything seemed to have gone according to plan – though we're not sure about the logic behind the assertion that if "it worked at 180, it will definitely work at a thousand miles an hour." Related Video: Jaguar F-TYPE Performs Mission Critical Parachute Deployment Test for British World Land Speed Record Challenger Bloodhound SSC 12 June 2015 - World land speed record holder Andy Green drives an F-TYPE R Coupe at top speed of 186mph to test Bloodhound SSC's parachute deployment system - The test continues Jaguar's technical partnership in the world land speed record attempt, following a high-speed communications test run in South Africa in 2014 - Jaguar will be at the heart of Bloodhound SSC providing its 5.0-litre 550PS supercharged V8 engine to power the rocket's oxidiser pump Today, Jaguar and the world land speed record holder RAF Wing Commander Andy Green performed vital high-speed parachute tests as part of the company's on-going technical support for this unique engineering adventure: creating a car that can cover a mile in just 3.6 seconds. The jet and rocket powered car, which aims to surpass the current record of 763.035mph before targeting 1000mph, has multiple braking systems including air-brakes ('doors' mounted on the side of the car which open to increase aerodynamic drag) and disc brakes (used when slowing down from 200mph).

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.