Jaguar Land Rover owner records $4 billion loss, driving share price down

Tata Motors Posts Rs 26,993 Crore Quarterly Loss Its Biggest Ever

The extent of the financial problems besetting Britain's largest automotive manufacturer and employer has been laid bare less than a month after it announced 4,500 job cuts across its United Kingdom facilities, mainly in the West Midlands.

In the quarter ended 31 December, Tata Motors plunged to a consolidated loss of ₹26,992.54 crore due to its biggest ever write-off of £3.1 billion ( ₹28,675 crore) for JLR.

JLR, which has its engine manufacturing centre at the i54 to the north of Wolverhampton, and auto plants at Solihull, Castle Bromwich and Halewood in Merseyside, reported a £273 million pre-tax loss for the last three months of 2018.

Jaguar Land Rover booked a loss for the last three months of 2018 as sales collapsed in China.

In JLR, the market conditions continue to be challenging particularly in China, Chandrasekaran said.

Its net profit during the quarter under review rose to Rs 617.62 crore from Rs 211.59 crore reported for the corresponding quarter of the previous year. Domestic revenue at Rs16,208 crore for the quarter was up 1.5 per cent, it said, adding that its market shares for CVs was up 60 bps compared to FY 18 while sales of personal vehicles were up 50bps. "We are taking the right decisions now to prepare the company for the new technologies and strong product offensive for the future", it said in a statement.

Philippines hit by deadly measles outbreak after controversy over dengue vaccinations I#AsiaNewsNetwork
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The BBC reports that JLR sales for the quarter were £6.2 billion (RM32.61 billion), down from £6.3 billion (RM33.14 billion) a year earlier. The Turnaround 2.0 strategy is delivering well with a continuing portfolio of product launches, which are the requisite building blocks for sustainable growth.

"Fiscal year 2019 so far has been a challenging period for the industry".

This is expected to result in a one-time exceptional redundancy cost of around £200 million for the luxury unit of Tata Motors. We are committed to our core objectives of winning decisively in CVs, sustainably in PVs and proactively in EVs.

Tata Motors has bitten the bullet. It cited some problems in its Jaguar Land Rover unit.

However, JLR is also planning a programme to accelerate the business, which is focused on longer-term investment as legacy carmakers across the world transition from fossil fuel-powered vehicles to battery technology.

Credit-default swaps protecting Jaguar Land Rover's debt against non-payment using five-year contracts surged to record high 813 basis points on Wednesday.

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