Jaguar Land Rover posts £3.4 billion LOSS for last quarter of 2018

10 February, 2019, 15:46 | Author: Billie Castillo
  • Tata Motors Posts Rs 26,993 Crore Quarterly Loss Its Biggest Ever

Jaguar Land Rover has posted a £3.4 billion ($6.2 billion) loss for the fourth quarter of 2018, on the back of low demand for diesel engines and sluggish sales in China.

Tata Motors' loss came at 269.93 billion rupees ($3.78 billion) for the three months ended December 31, compared with a profit of 11.99 billion rupees in the year-ago period.

However, it also recorded a £3.1 billion impairment charge as it wrote down the value of its plants and other assets, citing muted demand and technological and regulatory headwinds.

JLR, which is owned by Indian giant Tata Motors Limited (NYSE:TTM), sold 144,602 vehicles in the period - down from 154,447 a year ago - and blamed "continued challenging market condition in China" for the drop-off.

The Mumbai-based manufacturer has been badly hit by falling demand for luxury cars in China, as well as uncertainty over Brexit and rising debt.

Daimler and BMW reduced profit forecasts previous year amid pressures from the United States-China trade war that has hit vehicle demand, while Hyundai Motor said last month it was letting workers go as it reviews production plans in the world's biggest market.

JLR, which accounts for the majority of Tata Motors' earnings before interest, tax, depreciation and amortization (EBITDA) generation, has a significant production bias to the United Kingdom despite a reasonable degree of geographic diversification in its sales mix.

Interracial Couples And Disability-Friendly Emojis Coming Soon To Smartphones
While there are 59 distinct new emojis , variations for skin tone and gender make for a total of 230 individual images. This includes a deaf person in different skin tones, prosthetic mechanical limbs, a service dog and more .

The step raises questions on whether it could affect Tata Motors' credit rating that has already been revised downward in the recent past.

JLR, Britain's biggest carmaker, also faces disruption due to persistent uncertainty over a Brexit deal and has made a decision to halt production for a couple of weeks in April. "For Jaguar Land Rover, it will be catastrophic if Britain goes for a no-deal Brexit".

Net revenue for Tata Motors came in at 770 billion rupees, missing the 787.5 billion rupees average estimate.

Shares in India's Tata Motors tanked nearly 30 per cent today after problems at its Jaguar Land Rover unit dragged the luxury carmaker to India's biggest quarterly loss.

The company said that JLR announced its plans in January to achieve 2.5 billion pounds of investment, working capital and profit improvements by March 2020.

However, on the standalone basis, the company reported healthy quarterly numbers.

The non-cash write-off is expected to result in annual savings of £300 million in depreciation and amortization costs for JLR, Balaji said adding "it is a right step taken in terms of reducing our cost, improving our break-even and ensuring our competitiveness".



Second woman accuses Virginia's Lt Governor of sexual assault
Tyson's allegation, it needs to be investigated thoroughly because it impacts his ability to continue to serve the Commonwealth". In a statement to NPR, a spokesman for Virginia GOP Chairman Jack Wilson offered a slightly more cautious response. "As with Dr.

‘Apex Legends’ Surpasses 10 Million Players, 1 Million Concurrent in 72 Hours
As some Reddit users have pointed out, the aforementioned lines may have been left in the game from Titanfall 2's code. After all, most other Battle Royale games like Blackout and Fortnite allow you to play alone without a squad.

Hazard debunks rumoured move to Real Madrid, agrees with Sarri’s football philosophy
In the Premier League this term, Hazard has struck 12 times already, but his impressive 10 assists please him just as much. "I can hear everything the fans say, 'Come on Hazard!' 'Do some magic, please!' That's why I love to play there".

Elizabeth Warren Formally Declares Candidacy, Enters the 2020 Race
Warren will be the third senator to officially launch her campaign, after Senators Kamala Harris and Cory Booker. Despite such criticism, several MA lawmakers joined Warren for her Lawrence 2020 campaign launch, including U.S.

Huawei is Open to EU Supervision - says Executive in Speech
By working closely with our European partners, we are creating a better future for all of us". So far, Huawei hasn't responded to Politico's report .

Sorry NBC, We Won't Stop Talking About Tulsi Gabbard
The ex-KKK Grand Wizard previously endorsed Donald trump during his 2016 presidential campaign. A Samoan-American, she was the first Hindu elected to Congress.

Trump to call for unity in State of the Union address
But whether his message of unity resonates with the public remains to be seen, said Panagopoulos and Vicino. He added, "In his mind, the way to get there is the construction of a physical wall".

Raptors strike before trade deadline, acquire Marc Gasol
Wright is a nice wing to add, and extra picks are never bad, but a second-rounder from the Raptors isn't exactly that exciting. He spent 11 seasons with the Grizzlies and is the franchise's all-time leader in points, rebounds, blocks and made field goals.

Phillies land elite catcher J.T. Realmuto in blockbuster trade
The Phillies sent catcher Jorge Alfaro and pitching prospects Sixto Sanchez and Will Stewart to Miami. Philadelphia was nearing the finish line in a deal with the Marlins for catcher J.T.

Virginia Democrats under fire after another blackface scandal, and sexual assault allegation
Northam, whose term runs through 2022, initially said he was in the photograph, but backtracked a day later. Democratic US Senator Al Franken resigned in 2017 after being accused of sexual misconduct.