Jaguar/Land Rover reportedly chalks up $1.1B loss
2010 Jaguar XJ – Click above for high-res image gallery
The steep downturn of the world's luxury automotive markets has taken a toll on Jaguar/Land Rover, and the company's bottom line has taken a huge hit as a result. Automotive News is citing a Financial Times report that says Tata Motors' British luxury marques lost 673.4 million pounds ($1.11 billion U.S.) in 2008. That's a $2 billion swing from the 641.5 million pound ($1.05 billion) profit the British brands earned in 2007. Tata Motors said last month that Jaguar/Land Rover lost 306 million pounds ($504 million) for for the fiscal year ending March 2009.
The Financial Times report comes as Tata Motors is working out a deal with the British government to provide short-term financing for the cash-strapped automaker. The report that says the U.K. government is willing to provide a 175 million pound ($288 million) commercial bridge loan to keep operations running. The reports says Tata Motors would like a 12-month loan, while the British government would like a six-month term, along with representation on the board.
Gallery: 2010 Jaguar XJ
[Source: Automotive News]
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Reader Comments (Page 1 of 1)
Gardiner Westbound 11:34AM (7/27/2009)
Government handouts for everybody!
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derek 12:00PM (7/27/2009)
Man...this car looks amazing from the front end.
But the back end....O.o.
Ughhh. This is horrible. The back end is fugly.
Christian de Saint Preux 1:04PM (7/27/2009)
Well... Doesn't the government get the handouts from EVERYONE?
Avinash machado 11:35AM (7/27/2009)
Alan Mulally must be feeling happy that he got rid of these two money sucking brands nearly two years ago.
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Jared 12:11PM (7/27/2009)
Selling Jaguar and Land Rover just before the economy tanked was one of Mulally's best decisions.
Given Tata's own financial problems, I can't see things ending well for Jaguar and Land Rover.
Throwback 12:43PM (7/27/2009)
A little foresight goes a long way. Where are all thoes people that where screaming about how dumb Ford was for selling Jaguar?
JZeke 11:43AM (7/27/2009)
How many years since Ford bought Jaguar has it earned profits? I wasn't aware it made so much in 07, but were there profits in years prior?
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Colin Smith 11:46AM (7/27/2009)
And a government member interfering on the board, at what sort of salary I wonder? Bye-bye more of my taxes.
If nobody wants to buy these big cars let me see the plans for the smaller economical ones. Or let them go.
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Mr.Oak 1:00PM (7/27/2009)
Its not a big car thing, It's a Jaguar falling behind the competition thing. The XF alone can't carry the company. Everything else is either OLD or mediocre when compared to the competition.
Avinash machado 11:46AM (7/27/2009)
Go away Spammer.
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why not the LS2LS7? 11:51AM (7/27/2009)
I presume auto sites just store this headline in a vault for safe keeping since the have to roll it out every 3 years. Net over the last 20 years, how much money have these companies lost?
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Colin Smith 11:55AM (7/27/2009)
Agreed.
Galley 12:20PM (7/27/2009)
Those photos of Elle never get old!
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Alex 2:15PM (7/27/2009)
The British Government wants representation on the Jag/LR board? Seriously, you nearly KILLED Jaguar and a handful of historic companies with your British Leyland. I don't blame Tata for resisting!
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KIB2 2:26PM (7/27/2009)
Smart move by Ford to sell them off.
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why not the LS2LS7? 10:23PM (7/27/2009)
Smart move by BMW to sell them off too.
Dumb move by Ford to buy them off BMW.
Smart move by Ford to sell them off.
Richard S. 2:46PM (7/27/2009)
Perhaps VW in their world-domination-quest, should buy Jaguar Land Rover. Hmmm, a W12-powered XJ and a V10 XFR? Also if Jaguar wants to try an entry-level luxury car, they can cooperate with Audi and use a future A4 platform.
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