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Jaguar Land Rover won't get a bailout from the UK

Bailout talks between Jaguar Land Rover and Tata Steel with the UK government have ended, leaving both firms to rely on private financing to overcome the impact of coronavirus on business, the Financial Times reported on Friday. The report said that talks for an emergency funding fell through as Jaguar Land Rover (JLR) did not qualify for taxpayer support. It is the luxury car unit of India's Tata Motors and Tata Steel, both owned by Indian conglomerate Tata Group. The bailout plan, titled "Project Birch", had been authorized by Finance Minister Rishi Sunak in May to rescue companies that are seen as strategically important, with the Treasury saying it may step in to support crucial businesses on a "last resort" basis after other options run out. The report, citing a source familiar with the matter, said that the funding scheme became infeasible for Tata as it imposed strict conditions on any lending. "Tata Steel remains in ongoing and constructive talks with the UK Government on areas of potential support," Tata Steel said in an emailed statement. The UK Treasury said it would not comment on individual companies. Tata Motors did not immediately respond to request for comment. Related Video: Earnings/Financials Government/Legal Jaguar Land Rover

Jaguar Land Rover opens new $1.6 billion factory in Slovakia

BRATISLAVA, Slovakia — Jaguar Land Rover is opening a new, $1.6 billion plant in Slovakia, the luxury car maker's first in continental Europe. The U.K.-based company, owned by India's Tata Motors, built the plant near Nitra, about 65 miles east of Bratislava, to initially produce 150,000 cars a year. The Slovak government is giving the carmaker investment subsidies of up to 130 million euros ($148 million). Slovakia is a regional car-making powerhouse. Germany's Volkswagen AG, France's PSA Peugeot Citroen and South Korea's Kia Motors all have a major plant in this Central European country of 5.4 million people. The company said it will shift all production of its Discovery model from Birmingham, England, to Slovakia amid falling diesel sales, vehicle taxes and uncertainty about Britain's Brexit departure from the European Union.Related Video:

Buy a Jaguar E-Type continuation, get a matching wristwatch

From time to time, automakers release special branded watches. Jaguar and Land Rover are no different. The latest from Land Rover isn't particularly remarkable, but one new Jaguar piece is pretty special. Jaguar partnered with British watchmaker Bremont for a line of watches, the most impressive being a 43mm watch that commemorates Jaguar's continuation series of Lightweight E-Types. Like the cars, only six of the watches will be produced, and they will be offered to the owners of those $1.5 million cars. Each watch features a serial number that matches a corresponding car, and the faces have been designed to look like the instruments aboard the E-Types. The same goes for the hands, which look like the gauge needles. The winding crown also has a tire tread pattern that wraps around the sides, with Jaguar's heritage logo on the top. And these timepieces are built with aluminum left over from the continuation E-Types. On the back is the most impressive part, though. Here is where the watch's automatic winding weight is visible. It's shaped like a vintage steering wheel, and the outer rim is made from real wood. The weight keeps the watch and its exclusive Bremont movement wound. If you can't afford this ultra-limited watch, Bremont has a line of other Jaguar watches with many of the same design cues, at prices ranging from less than $5,000 to more than $11,000. The Land Rover watch is a bit disappointing, since it bears little apparent connection to the vehicles. Zenith, the Swiss company that partnered with Land Rover for the piece, claims the design is inspired by the Range Rover. And Land Rover claims a connection in that a British explorer wore the same series watch while completing an expedition with a pair of Range Rovers. There's also the fact that the watch and the SUV are both made of aluminum, but otherwise, the Zenith watch doesn't look particularly automotive. The box sounds pretty cool, though, since it's fashioned from Land Rover wood and upholstery. Related Video: