Jaguar Land Rover names Tata Motors CFO as top boss after rebrand controversy
Last week, a spokesperson said Mardell would step down after being at the helm for three years.
Mardell has been with Jaguar Land Rover, which is seen as the cash cow for Tata Motors, for more than three decades.
Balaji has been Tata Motors' group chief financial officer since late 2017. His appointment is effective in November.
Mardell, who joined JLR in 1990, became chief executive in November 2022 - following a stint as chief financial officer from June 2019 - and spearheaded a major brand revamp.
Jaguar will transition to an all-electric luxury brand by 2026. Its minimalist rebrand was launched in December 2024.
Last year, a promotional video for the rebrand was criticised for showing models in brightly coloured outfits walking in an alien-like landscape.
'Break Moulds,' the copy read. The video did not include cars or any references to Jaguar being a car brand.
Several people complained about the lack of a car and the confusing message. X owner Elon Musk wrote on the platform, 'Do you sell cars?'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Ireit Global DPU drops to 0.71 euro cent for H1 due to Berlin vacancy
[SINGAPORE] Ireit Global posted a 26 per cent fall year on year in distribution per unit (DPU) to 0.71 euro cent for the half-year of FY2025 ended June because of the full vacancy at the Berlin campus. Revenue decreased by 27.5 per cent to 26.6 million euros (S$39.8 million) while net property income slid 33.3 per cent to 18 million euros, the regulatory filing by the manager of the Europe-focused real estate investment trust (Reit) on Thursday (Aug 7) showed. The drop was mainly due to the full vacancy at Berlin Campus from Jan 1, 2025, and the absence of other income from the dilapidation cost paid by the main tenant at the property in the corresponding period of FY2024. Consequently, income to be distributed to unitholders at 9.5 million euros was 26 per cent lower, and this was after the retention of 10 per cent of income for working capital and capital expenditure. However, earnings per unit was higher at 0.05 euro cent, compared with 0.02 euro cent for the year-ago period, as total return attributable to unitholders was impacted by net change in fair values of financial derivatives and investment properties. Net asset value per unit was unchanged at 0.39 euro cent as at end June, against end-December 2024. Ireit Global Group, the Reit manager, said it has initiated discussions with the incumbent banks regarding the refinancing of the German and Spanish properties, and expects to finalise the agreements by the third quarter of 2025, thereby pushing the next earliest debt maturity to July 2027. Ireit Global units were unchanged at S$0.295 on Thursday, before the Reit manager published the financial results.
CNA
an hour ago
- CNA
US startup Lyten to buy bankrupt European battery maker Northvolt
STOCKHOLM :U.S. battery startup Lyten has agreed to buy most of bankrupt Swedish battery maker Northvolt, it said on Thursday, potentially offering a way back for the European company that was once seen as the region's answer to rivals in Asia. Lyten, a Silicon Valley battery startup developing lithium-sulphur cells as a cleaner alternative to lithium-ion, is backed by Jeep-owner Stellantis and U.S. delivery services provider FedEx. The deal revives hopes for European battery independence after Northvolt - the continent's potential rival to major Chinese electric vehicle battery makers - filed for bankruptcy in March, making it one of Sweden's largest corporate failures and sparking a frantic push to find a buyer. "Our plans are ... in large part to pick up where the Northvolt team left off," Lyten CEO and co-founder Dan Cook told Reuters, declining to disclose the purchase price beyond saying it was at a "substantial discount" to the original asset value. Northvolt's bankruptcy trustee said that the deal defused the risk of "complete shutdown", while Sweden's deputy prime minister Ebba Busch said the deal positioned the country "as key to Europe's energy independence. Northvolt has received much criticism that it had overpromised while failing to deliver battery cells deemed good enough quality for clients, even with help from its biggest customer, truckmaker Scania. Gustaf Sundell, Scania's head of ventures and new business, told Reuters it was too early to say if the group would place orders for batteries with Lyten, but it was happy with the outcome. TARGET MARKETS Lyten hopes to quickly restart the flagship Skelleftea plant in northern Sweden and resume deliveries of lithium-ion battery cells in 2026. In July it acquired Northvolt's energy storage business in Poland, Europe's largest, and is targeting automotive, defence and energy storage markets. Cook said several of Northvolt's former management would be joining Lyten, though not founder and ex-CEO Peter Carlsson. "We are focused on developing to be the leaders in locally sourced, locally manufactured batteries for both the North American and European markets right now," he said. Lyten said in July it had secured more than $200 million in additional equity investment to support its acquisitions and expansion plans. Cook said Lyten would prove its worth to Northvolt's former customers by focusing first on providing high yields to a single customer. Northvolt's order book once totalled more than $50 billion from automakers such as BMW, Volkswagen and Audi. "We actually think they'll come back, perhaps quicker than people believe," said Cook. The deal includes Northvolt's projects in Sweden and Germany, as well as its intellectual property. Work was also underway to acquire its Canadian unit.
CNA
3 hours ago
- CNA
CNA938 Rewind - MRT breakdowns: Wouldn't it be more cost-effective to prevent them in the first place?
CNA938 Rewind - Cycling the Globe with Brompton's Mark Smedley In 'Destination Anywhere', Melanie Oliveiro discovers the cycling adventures undertaken by Mark Smedley, Managing Director for Asia-Pacific at Brompton Bicycle, the iconic British folding bike brand. Smedley will recall notable cycling trips which include scenic routes, challenging terrain, or unexpected detours while exploring the UK, Japan and South Korea. Smedley will also share his vision on how cycling can transform cities like Singapore – especially considering the upcoming North-South Corridor (NSC), a multi-modal integrated transport expressway.
