Tata Group-owned Jaguar Land Rover's CEO Adrian Mardell to step down, successor to be announced soon

Mint

4 days ago

Jaguar Land Rover Chief Executive Officer Adrian Mardell is leaving the maker of luxury sport utility vehicles, as it grapples with higher US tariffs and a controversial makeover of the Jaguar brand.
'Adrian Mardell has expressed his desire to retire from JLR after three years as CEO and 35 years with the company,' a spokesperson said in a statement. 'His successor will be announced in due course.'
The company, owned by India's Tata Motors Ltd., was among a number of carmakers to withhold profit guidance at the height of the US tariff uncertainty. JLR, which makes the Range Rover and Land Rover SUVs, does not have any US factories.
A video last year teasing Jaguar's revamp as an electric-only brand received intense criticism. Jaguar isn't making any cars until the new lineup is ready.
The CEO role has also recently changed hands at several other European carmakers, including Renault SA, Stellantis NV and Volvo Car AB.
Jaguar Land Rover joined a growing list of carmakers holding back from providing profit guidance, as US President Donald Trump's higher tariffs continue to wreak havoc on the industry.
The British maker of luxury sport utility vehicles 'continues to evaluate the impact of global challenges' and will provide an update at its investor day on June 16, it said in a statement accompanying its annual results. The company normally provides a profit outlook for its new financial year at this stage.
Like other automakers, JLR, owned by India's Tata Motors Ltd., is grappling with the financial impact of Trump's tariff chaos. Earlier Tuesday, Nissan Motor Co. also decided against giving a projection, following similar moves by European car companies such as Mercedes-Benz Group AG and Stellantis NV.
JLR, which does not have any US factories, had paused shipments to the country in April after Trump's first tariff announcements, before resuming exports this month.
Despite the UK striking a deal last week with the US to allow 100,000 British vehicles to be imported into the country at a 10% duty, that's still higher than the 2.5% rate that existed before Trump's initial announcements. JLR's Defender model is made in Slovakia and still subject to the higher 25% import duty.
JLR will look at ways to mitigate the impact of higher tariffs, Chief Executive Officer Adrian Mardell said on a call with reporters. Mardell declined to say whether price rises were among those measures. 'We'll wait and see, and reflect before we act,' he said. It remains unclear when the lower UK rate will come into effect, the CEO said.
Higher tariffs will have some implication on demand, though premium cars are expected to weather higher levies better, Tata Motors' Chief Financial Officer PB Balaji said on a call.
JLR, which accounts for around two-thirds of its Indian parent's sales, will look to other regions, including the UK and newer markets, to mitigate tariff impact. 'We are very clear we will do everything in our hands to drive growth,' Balaji said. JLR will need to keep a close eye on cash and costs, Balaji said.
While JLR declined to provide guidance for this financial year, Tata Motors reported profit that beat expectations last quarter. Net income fell 51% — slightly less than expected — to 84.7 billion rupees ($992 million) in the fiscal fourth quarter ended March 31. Revenue matched expectations at 1.2 trillion rupees. Tata Motors also announced a dividend of 6 rupees per share.
Profit was boosted by higher volumes at JLR, with the British unit posting a 32% increase in pretax profit to £875 million ($1.2 billion). Still, JLR's revenue decreased 2.5% to £7.7 billion. Tata's passenger vehicle segment revenue fell 13% and its commercial vehicles sales declined 0.5%.
JLR will also benefit from lower tariffs in India. In another landmark trade deal, the South Asian nation will lower duties on cars made in the UK, including hybrids and EVs, to as low as 10% from a prevailing tariff of up to 110% over a period of time.
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