|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||135.60 - 141.80|
|52 Week Range||106.00 - 239.35|
|Beta (3Y Monthly)||1.21|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The Indian conglomerate that owns Jaguar Land Rover said it is open to finding partners for the automaker but isn’t planning on selling the embattled unit.“We’re not going to sell,” said Natarajan Chandrasekaran, chairman of Tata Sons Ltd., the holding company in an expansive business empire that includes Tata Motors Ltd. “Auto is a core business for us. From revenue terms, auto is our largest company.”Tata Motors bought the maker of the Jaguar XE sedan and Land Rover Discovery sport utility vehicle from Ford Motor Co. in 2008. After turning it into a cash cow with booming sales in countries like Russia and China, JLR waned to such an extent that it’s had to launch a 2.5 billion-pound ($3.2 billion) savings program and slash thousands of jobs worldwide.Losses at Tata’s automotive business have mounted with a slump in India’s car market, as well as trouble overseas, including an economic slowdown in China, where auto sales are sliding, and uncertainty over Brexit. JLR is closing its U.K. factories for a week in November to guard against disruption to supply chains from a possible no-deal Brexit.Chandrasekaran said China sales have “collapsed” with a 50% drop last year, though 2019 is showing some improvement. Some problems were self-inflicted, including vehicle quality and dealer issues, he said, noting that the auto industry is “going through difficult times.”“Getting the right portfolio, which one we invest in for electric vehicles, and how do we cut cost” are issues that need to be resolved, he said.In an interview with Bloomberg Television earlier Tuesday, Chandrasekaran said dealing with tariffs is the “new normal” for the global auto industry and that negotiations around Britain’s exit from the European Union have taken too long. “Sometimes it’s better to have clarity than a desirable result,” he said. “Nations are getting more protective.”The troubles of JLR are bogging down the Tata group as a whole, with Tata Motors writing down its investment in the British brands earlier this year by $3.9 billion. The salt-to-software conglomerate is among India’s most indebted, and the slump in the auto market is hitting both Tata Motors and Tata Steel, the nation’s biggest maker of the alloy.Analysts at Sanford C. Bernstein last month described JLR as “severely challenged” and said Tata Motors should look at BMW AG as a buyer because the German company is “awash with cash.” Tata has previously denied reports it is looking at strategic options for JLR, including a possible stake sale.While the company would “always look for partnerships,” it doesn’t want deals where “we just sell a stake and we have no say,” Chandrasekaran said Tuesday in New York. “We are not financial investors, Tata Group, we run companies. I’m not a Blackstone, I’m not a KKR.”JLR’s capital expenditure has outpaced operating cash flow over the past two years, but Chandrasekaran said his target is to reverse that trend by 2021. “Once we do that, then people will believe what I’m saying: I’m not running away.”\--With assistance from Scarlet Fu, Caroline Hyde and Sam Nagarajan.To contact the reporters on this story: Craig Trudell in New York at firstname.lastname@example.org;Gabrielle Coppola in New York at email@example.com;Anurag Kotoky in New Delhi at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, ;Young-Sam Cho at firstname.lastname@example.org, Will Davies, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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NEW DELHI/BENGALURU, Oct 11 (Reuters) - India's passenger vehicle sales slumped 23.7% in September, the eleventh straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon. Passenger vehicle sales dropped to 223,317 units in September, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales dived 33.4% to 131,281 units. SIAM's data comes as the domestic automobile industry faces a crippling slowdown in demand that has led to production cuts and thousands of job losses.
Britain’s biggest carmaker, Jaguar Land Rover, will halt production at its British factories for a week in November, its boss said on Thursday, joining BMW and Toyota in plans to help mitigate any immediate disruption from a no-deal Brexit. The industry, Britain's biggest exporter of goods, has been vocal about its concerns that a disorderly departure from the European Union could disrupt the flow of components and vehicles, ruining production processes and damaging the viability of factories. Prime Minister Boris Johnson has vowed to take Britain out of the EU, with or without an exit deal, on Oct. 31.
The competition in the self-driving technology market just heated up again. Hyundai Motor Company (HMC) has formed a joint venture with Aptiv.
Britain's opposition Labour Party will lay out on Tuesday a multi-billion pound package to boost development of electric cars and battery technology, promising to create tens of thousands of jobs and safeguard the automotive industry. Labour is hoping to win power from Prime Minister Boris Johnson's Conservative Party at an expected early election, capitalising on the political unrest caused by the country's divisive exit from the European Union. The socialist-led Labour Party is using its annual conference in the English resort of Brighton to lay out plans to transform the British economy, promoting higher government spending and a large public investment programme.
Surprise tax cuts in India fueled the domestic stock markets as well as India stocks and India ETFs trading in the U.S. HDFC Bank stock popped.
Indian automaker Tata Motors will launch an electric vehicle (EV) early next year based on a new powertrain technology it has developed to grow its portfolio of clean energy cars, the company's chief executive said on Thursday. The government's incentive scheme supporting electric transport and a recent cut in taxes on electric cars is making it more affordable to build EVs, Guenter Butschek, CEO, Tata Motors, told reporters in Mumbai. "It is a completely different conversation (on EVs) now.
Ineos, the petrochemicals firm run by pro-Brexit billionaire Jim Ratcliffe, Britain's third-richest person, will build a new 4x4 vehicle in the UK, a boost to an industry hit by closure announcements this year. As part of a 600-million pound ($747 million) project, the company will make the Grenadier off-roader at a factory in Bridgend in Wales, next to where Ford is due to shut its engine site, creating up to 500 jobs for a vehicle due in 2021. A decision by Jaguar Land Rover (JLR) to stop making its classic Defender 4x4 in 2016 after 68 years, ahead of a replacement launched earlier this month, prompted the petrochemicals giant to announce plans for its own vehicle.
India's goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said. A government study, attached to the agenda of a Sept. 20 GST panel meeting, has said the total annual revenue loss could be as much as 500 billion rupees ($6.95 billion), if the panel decided to lower tax rates for the auto sector to 18% from 28%. Meanwhile, state officials in Kerala, Punjab and West Bengal say they are also opposed to any cut in tax rates in the autos sector, or even consumer goods, because of lacklustre tax collections this fiscal year.
Jaguar Land Rover has partnered with BlackBerry to develop autonomous vehicles. BlackBerry will assist Jaguar in various areas via AI and machine learning.
Luxury carmaker Jaguar Land Rover (JLR) plans to launch 30 new or revamped vehicles in China in the next two years, it said on Wednesday, seeking to build on a recent recovery in sales in the world's biggest auto market. JLR, owned by India's Tata Motors, said the models would include imported ones as well as products built by Chery Jaguar Land Rover, its local joint venture with Wuhu-based carmaker Chery Auto. The plan follows a 17% rise in JLR's sales in China in August and a 40% jump in July, after a more than 20% decline last year.
Domestic stock markets and the rupee had plunged on Tuesday after data last week showed the economy grew at its weakest pace in over six years. Foreign investors pulled out 20.16 billion rupees ($281.99 million) from capital markets on Tuesday, according to NSE data. Trade sentiment globally remained subdued after data showed the U.S. manufacturing sector contracted in August for the first time since 2016 amid worries about a weakening global economy and rising trade tensions between China and the United States.
Indian automakers Tata Motors Ltd and Mahindra and Mahindra Ltd (M&M) said on Friday they would cut production at some plants in response to slowing demand that industry executives say has driven the sector into one of its worst downturns. Tata Motors, which had previously flagged a "challenging external environment", said it closed some blocks at its Pune plant in the western state of Maharashtra. Shares of Tata Motors and M&M fell between 1.8% and 2.4% before cutting losses in a broader Mumbai market that was 1.3% higher as of 0720 GMT.
Britain is accelerating its post-Brexit plans to develop freeports to boost trade, Trade Secretary Liz Truss said on Thursday after meeting with U.S. Secretary of Commerce Wilbur Ross to discuss similar U.S. projects and a U.S-UK trade deal. Truss was due to visit the Port of Newark, New Jersey, one of roughly 300 U.S. freeports, on Friday as part of her first overseas trip after taking office two weeks ago. Freeports, also known as free trade zones, are areas where goods or raw materials can be stored or made into finished goods free of customs duties and taxes before being exported again.
A group of 12 states led by California and New York on Friday challenged the Trump administration's decision to suspend a 2016 Obama administration regulation that more than doubled penalties for automakers that fail to meet fuel efficiency requirements. Automakers protested the higher penalties, which they said could cost the industry up to $1 billion annually, and the Trump administration finalized the regulatory freeze on July 12. The 12 states, joined by the District of Columbia, filed a petition in the U.S. Court of Appeals for the Second Circuit to reverse the rule released by the National Highway Traffic Safety Administration (NHTSA).