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Jaguar lost Tata $463 million during its first ten months as part of the Indian firm, reports Automotive News [sub]. That loss stings twice as bad considering it makes up the bulk of Tata Motors’ $520 million consolidated loss in the fiscal year ending March 31. “There has already been 2,000 job losses. We may be looking at more job losses, more plant shutdowns,” says Tata VP Ravi Khant. Will that kill the crazy Extended-Range EV plans for the forthcoming XE? Tata recently refinanced $3 billion in debt, according to AN, but with a hybrid LRX reportedly approved as well, Tata’s staring at some hefty development costs. Best of luck to ’em.
Eyeing?
I’d pretty much expect layoffs at any automaker right now. Really, who’s up from last year at this point? Well, besides VW I guess.
Tata isn’t going to be able to hold on to this anvil for much longer. It’s going to be a tossup between Jag, LR and AM of which is going to be first to give up.
With every bad headline out of Land Rover/Jaguar, Alan Mulally wipes his brow again. Phew!
I’ve long admired Jaguars as beautiful machines despite a few quirks and design flaws. My significant other owned a 2006 Land Rover Sport with that incredible V8 engine that let out a silky growl when so motivated, yet it was often at the dealer for simple things such as a cracked radiator and a steering wheel that shed its leather cover like a snake…all with less than 36,000 miles on the odometer.
In all fairness, Jaguar (and perhaps Land Rover/Range Rover, too) should have been put out of its misery years ago.