7.45 0.00 (0.00%)
After hours: 7:39PM EDT
|Bid||7.41 x 3000|
|Ask||7.47 x 3200|
|Day's range||7.31 - 7.53|
|52-week range||3.92 - 14.03|
|Beta (5Y monthly)||2.00|
|PE ratio (TTM)||3.85|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||14 Jul 2016|
|1y target est||5.50|
(Bloomberg) -- Jaguar Land Rover will slash costs by more than already planned after the coronavirus pandemic battered results in the first quarter of its fiscal year.The carmaker owned by India’s Tata Motors Ltd. increased its savings target for the year to 2.5 billion pounds ($3.3 billion) after booking a 413 million-pound pre-tax loss for the quarter that ended in June. While the company said it expects sales, profitability and cash flow to gradually improve, it cautioned in a statement that its outlook remains “very uncertain” due to Covid-19.JLR already was struggling with a sales downturn, Brexit uncertainty, stricter emissions rules and a dip in exports to China -- one of its biggest markets -- before the health crisis hit. It’s now adding 1 billion pounds to cost-cutting efforts to shore up earnings after measures to contain the spread of the virus forced factories and showrooms to shut around the globe.This week, the carmaker named former Renault SA head Thierry Bollore its next chief executive officer, succeeding Ralf Speth. Bollore, 57, rose to the top job at the French company after the 2018 arrest of ex-leader Carlos Ghosn in 2018, but he was ousted when tensions with partner Nissan Motor Co. came to a head last October.After slashing thousands of jobs, JLR said last month it would reduce capital spending by about 25%. Speth, who has been CEO for the last decade, also flagged signs of a sales recovery in China. The company’s local joint venture broke even last quarter.“We are quite optimistic about the way China is ramping up in terms of overall sales volume,” P.B. Balaji, group chief financial officer of Tata Motors, told reporters Friday. While JLR’s liquidity is strong and its debt-repayment schedule is spread out, the company continues to discuss funding issues with the U.K. government, he said.Tata Motors wrote down its investment in JLR last year by $4 billion. Moody’s Investors Service downgraded the parent’s credit rating last month and has a negative outlook on both firms.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Before we get started, I would like to remind everyone that today's call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to TTM's future business outlook. This transaction provides us the balance sheet flexibility to continue the journey to increase TTMs focus on differentiation and less capital-intensive, less seasonal, long-cycle end markets.
Shares of Indian automaker Tata Motors (NYSE: TTM) closed lower for a second day on Wednesday, as auto investors continued to react to an influential analyst's view that the company is essentially worthless without its Jaguar Land Rover (JLR) subsidiary. In a note on Monday, CLSA analyst Amyn Pirani downgraded Tata's stock to underperform, from buy, and cut his price target for the company's BSE-traded shares to 85 rupees ($1.13) from 190 rupees ($2.52). Jaguar Land Rover's British factories have been closed since March 20, exacerbating parent Tata Motors' financial struggles.
Jaguar Land Rover has introduced a new concept vehicle that cuts a very different figure relative to its usual fare: It's a four-wheeled electric urban mobility concept called "Project Vector" that looks more like a low-floored airport shuttle train car than a traditional car. Externally, JLR's Vector concept looks very similar, with a front and back end that could easily pass for one another, as well as sliding doors that open from the middle to allow the maximum amount of space for entry and exit. Unlike Cruise's strictly driverless design, however, the Jaguar vehicle features front-facing seats and a steering wheel for human control, though the interior is also "configurable" to eventually allow autonomous use, and to also offer flexibility for accommodating goods delivery as well as passenger transportation.
Investing.com - U.S.-listed Indian car company Tata Motors (NYSE:TTM) surged in midday trade on Friday after its U.K. unit made a profit for its fiscal second quarter.
Ford is all set to transfer its Indian assets to a joint venture. It will form this joint venture with Mahindra & Mahindra, which will hold a 51% stake.
The competition in the self-driving technology market just heated up again. Hyundai Motor Company (HMC) has formed a joint venture with Aptiv.
Jaguar Land Rover has partnered with BlackBerry to develop autonomous vehicles. BlackBerry will assist Jaguar in various areas via AI and machine learning.
Greg Migliore, editor-in-chief of Autoblog, believes it'd be a 'brilliant move' for Volkswagen to really look at buying Tesla and it will give it a 'critical edge'.