, Columnist
Jaguar Land Rover Is Headed for a Cash Crash
Spending has gotten out of control despite underwhelming sales. Management needs to show it can be reined in.
Going nowhere fast.
Photographer: Simon Dawson/Bloomberg
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Jaguar Land Rover suffered a $4 billion loss this month. Credit investors need to start worrying about what’s coming next.
The fourth-quarter loss announced by the Tata Motors Ltd.-owned company earlier this month was driven by a 3.1 billion pound ($3.9 billion) impairment charge. Though that’s non-cash, already-elevated yields on some of the U.K. unit’s bonds spiked: