JLR faces operating loss this fiscal year on muted demand in China

Tata Motors shares tank nearly 30% biggest intra-day fall in over 15 years

"We continue to work closely with Chinese retailers to respond to current market conditions with a pull-based approach to vehicle sales".

It is likely a recognition that previous investment in technology to build diesel-engined cars - which has long made up the bulk of Jaguar Land Rover's sales - won't be recouped due to the slump in demand for the powertrain.

Net loss was 270 billion rupees ($3.8 billion) in the three months through December, overtaking the hit reported by Indian Oil Corp.in 2012.

Sales in North America were up 13.2 per cent but China was down 39.8 per cent and Europe also slipped by 5.7 per cent amid slowing economic growth and continuing diesel uncertainty.

Most of the cuts are expected to be in the United Kingdom, with a voluntary redundancy programme being launched.

Excluding the one-off accounting charge, JLR lost £273m before tax during the last quarter.

On Thursday, Tata said there will be no further job losses at JLR beyond those already announced. This is a significant increase on its £90m loss in the previous quarter and a £192m profit a year earlier.

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By 2040, more than half of all new auto sales and a third of the planet's automobile fleet - equal to 559 million vehicles - will be electric, according to Bloomberg NEF.Tata Sons Chairman N Chandrasekaran said market conditions continue to be challenging, particularly in China.

JLR's sales, which has been contracting every month since July, fell 6.4% y-o-y in the December quarter to 144,600 vehicles.

Tata Motors has maintained JLR is on track to achieve GBP 2.5 billion of cash and profit improvements by 2020. The company is pinning its hopes of a short-term turnaround on returning to sales growth in China, alongside its cost-cutting programme.

Of the £3.4 billion, £3.1 billion (RM16.30 billion) accounted for the write-down on the value of its investments.

As part of those cost cuts, JLR revealed last month that it is axing 5,000 jobs from its 40,000-strong United Kingdom workforce as it battles a downturn in Chinese sales, a slump in demand for diesel-powered cars and concerns over United Kingdom competitiveness post-Brexit.

Last month Jaguar Land Rover joined Honda and Toyota in announcing a post-Brexit temporary plant shutdown, which will affect all three of its United Kingdom vehicle factories, as well as its engine plant in Wolverhampton.

"We are taking the right decisions now to prepare the company for the new technologies and strong product offensive for the future", it said in a statement.

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