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Jaguar Land Rover posts profitable quarter amidst big yearly losses

Jaguar has posted its first profit in quite some time, as the financial quarter ending on March 31 brought in a net income of $151.6 million. However, that is the light in the end of the tunnel, as full year results through March showed a $4.58 billion loss (GBP3.6 billion). The losses are again attributable to declining sales in China, with a whiff of the still-lingering Brexit process. While JLR's annual U.S. sales were up 8.1 percent, and U.K. sales improved by 8.4%, overall sales came down 5.8% to 578,915 vehicles. For April, Chinese sales nearly halved as they dropped by 46 percent. Earlier this year, JLR's woes caused its owner Tata Motors to post the biggest ever quarterly loss in Indian corporate history, at nearly $4 billion. JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround. Speth said JLR has already managed to deliver $1.59 billion (GBP1.25 billion) of efficiencies and savings. JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (GBP2.5 billion) of investment, working capital and profit improvements by March 2020, and that it currently has $4.84 billion (GBP3.8 billion) of cash. Speth continued that JLR will "go forward as a transformed company that's leaner and fitter," and that the sustained investment in new products and technologies will drive future demand. There has been earlier speculation of Tata Motors selling JLR to the PSA Group, but as Autocar reports, Tata's financial chief again refuted these rumors. JLR also announced today that its CFO of 11 years, Ken Gregor is stepping down after 22 years with the company, and that he will be succeeded by JLR's Chief Transformation Officer, Adrian Mardell.

Watch this Jaguar XJ220 perform a fiery burnout

We like to think that at least some supercar owners drive their exotic machinery the way they're meant to be driven. The reality is more likely that most pamper them in climate-controlled environments and rarely actually drive them. But Tax The Rich seems dedicated to balancing them all out by hooning the heck out of some of the most expensive and desirable supercars the world has ever seen - whether it's a Ferrari Enzo rallying along dirt roads or a pair of F50s playing tug of war.
The YouTube channel has even played around with a Jaguar XJ220 before, but not quite like this. In its latest clip, Tax The Rich goes a step or two beyond the usual smokey burnout, lighting up the rear wheels of a super-rare Jag, all for our viewing pleasure. And take pleasure we do in the video below, even as part of us cringes at the thought of potentially reducing one of the fastest Jaguars in history to a smoldering hulk.

Jaguar could morph into an electric-only brand and explore new segments

Jaguar is set to morph into an electric-only brand whose products will be aimed directly at Tesla's and Polestar's, according to a recent report. Its future range will allegedly include alternatives to the Tesla Model 3 and the Polestar 2. Nick Rogers, the head of Jaguar-Land Rover's engineering department, told British magazine Auto Express that a small electric Jaguar "would be great." His definition of small is different than, say, Smart's; don't expect the company to release an alternative to the ForTwo, or something along the lines of a Renault Twizy. Instead, he's likely referring to a model positioned below the XE, which is currently the smallest Jaguar, in terms of size. If approved, the car will be about the same size as a BMW 1 Series, though it might sit a little bit taller. Adding a few inches of ground clearance would give engineers more space to stuff a battery pack under the floor, while allowing its marketing department to reach a wider audience by presenting the hatchback as a crossover. "We need to think about that. That's a really cool space that we ideally want to be in, and ideally our customers want us to be in. It's extremely relevant at this time," he said. This isn't the first time we've heard that Jaguar is starting to think small. In June 2020, we reported the company is considering replacing the aforementioned XE and the XF with a single compact model that would almost certainly be offered as a hatchback and as a sedan. Jaguar's transformation into an electric-only manufacturer is allegedly the brainchild of Thierry Bollore, who will take the firm's reins in September. He recently led Paris-based Renault, which is also allocating huge resources to electrification. We know the next-generation XJ (shown in spy shots taken far north of the Arctic Circle) will be offered with an electric powertrain (though internal combustion variants will be available, too), and Auto Express learned an XE-sized battery-powered model placed in the Model 3's segment is very likely, too. Finally, at least for now, an electric SUV tentatively called J-Pace will reportedly enter production in the coming years. It's too early to tell what the future holds for the E-Pace, the F-Pace, and the XF, though we wouldn't be surprised if the latter does not get a replacement. Where the F-Type would fit in an electric-only range hasn't been decided yet; sealing its fate one way or another will be one of Bollore's first tasks.