Latest news with #AdrianMardell
Mint
20 minutes ago
- Automotive
- Mint
Tata Group-owned Jaguar Land Rover's CEO Adrian Mardell to step down, successor to be announced soon
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. More stories like this are available on
Reuters
an hour ago
- Automotive
- Reuters
Jaguar Land Rover says CEO Mardell to step down
LONDON, July 31 (Reuters) - Jaguar Land Rover chief Adrian Mardell will step down after more than three decades at the company, having said he wanted to retire after three years as CEO, a spokesperson for the automaker said on Thursday. His successor will be announced in due course, the spokesperson added. 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 at Jaguar. During his tenure, the British luxury carmaker - a wholly owned subsidiary of India's Tata Motors ( opens new tab - posted its highest profit in a decade, eliminated 5 billion pounds ($6.6 billion) in debt and posted its strongest operational performance to date. JLR in April paused exports of its British-made vehicles to the United States for a month after President Donald Trump imposed a 25% tariff on all imported cars. It resumed exports in May. The U.S., which accounts for nearly a quarter of JLR's global sales, is a key market for its high-margin Range Rover and Defender models. JLR has no manufacturing presence in the U.S. and its Range Rovers are built in Britain, now subject to a 10% levy, while its Defenders are assembled in Slovakia, which faces a 15% duty. Jaguar has plants in Britain. Mardell was among the guests at the opening of Donald Trump's new golf course in Scotland on Monday, part of the U.S. president's five-day visit to the UK. ($1 = 0.7558 pounds)
Economic Times
an hour ago
- Automotive
- Economic Times
Jaguar Land Rover says CEO Adrian Mardell to step down
Synopsis Adrian Mardell, the Chief Executive Officer of Jaguar Land Rover, will retire after 35 years with the company, as announced by a spokesperson on Thursday. Mardell, who took the helm in November 2022 after serving as CFO since June 2019, joined the British luxury carmaker in 1990. Reuters The chief executive of Jaguar Land Rover, Adrian Mardell, will step down after more than three decades at the company, a spokesperson for the automaker said on Thursday. "Adrian Mardell has expressed his desire to retire from JLR after three years as CEO and 35 years with the company," the spokesperson said, adding that a successor would be announced in due course. Mardell, who joined the British luxury carmaker in 1990, became chief executive in November 2022 following a stint as chief financial officer from June 2019. Jaguar Land Rover is a wholly owned subsidiary of India's Tata Motors.
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Business Standard
an hour ago
- Automotive
- Business Standard
JLR CEO Adrian Mardell retires amid backlash over Jaguar rebranding
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.' Mardell's departure marks the latest CEO change at a major automaker after new leaders for Renault SA, Stellantis NV and Volvo Car AB. The industry has been battered by a drop in sales in China, weak demand for electric vehicles in Europe, and more recently US President Donald Trump's trade onslaught. JLR, 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. During Mardell's tenure, JLR pushed ahead with a strategy of developing fully electric options for all its models by the end of the decade. It's gearing up for the first: the electric Range Rover.
Time of India
2 hours ago
- Automotive
- Time of India
Jaguar Land Rover says CEO Adrian Mardell to step down
The chief executive of Jaguar Land Rover , Adrian Mardell , will step down after more than three decades at the company, a spokesperson for the automaker said on Thursday. "Adrian Mardell has expressed his desire to retire from JLR after three years as CEO and 35 years with the company," the spokesperson said, adding that a successor would be announced in due course. Explore courses from Top Institutes in Please select course: Select a Course Category Digital Marketing healthcare Product Management Technology CXO Design Thinking Public Policy Data Analytics Data Science MBA Management Others MCA Project Management Leadership Degree Data Science Artificial Intelligence Finance PGDM others Operations Management Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Mardell, who joined the British luxury carmaker in 1990, became chief executive in November 2022 following a stint as chief financial officer from June 2019. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Crossout 2.0: Supercharged Crossout Play Now Undo Jaguar Land Rover is a wholly owned subsidiary of India's Tata Motors .
