Jaguar Land Rover (JLR) has warned that its profits will take a hit due to new U.S. tariffs imposed by President Donald Trump, after the company paused shipments to the American market in response to new 25% import tax hikes.
The company, which is owned by India’s Tata Motors, said it is now reallocating vehicles to other markets and may raise prices in the U.S. to soften the financial blow. The American market accounts for more than a quarter of JLR’s global sales.
JLR’s Defender SUV, made in Slovakia, falls outside the scope of a limited UK-U.S. trade deal that allows 100,000 British-made cars to enter the U.S. at a reduced 10% tariff. Without a similar agreement for EU-made vehicles, JLR faces the full 25% rate.
As a result, the company slashed its profit margin forecast from 10% to between 5% and 7% for the current year. In the last fiscal year, JLR posted a margin of 8.5%.
The news sent shares of Tata Motors down more than 5%. Analysts say the company may be partially shielded by its wealthy customer base, but JLR’s lack of U.S.-based manufacturing puts it at a competitive disadvantage compared to rivals like BMW and Mercedes-Benz.
Bentley, another British luxury carmaker, has also paused U.S. sales as it waits for clarity on tariff rules.
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Azerbaijan will begin supplying 6 million cubic metres of gas to Syria this week under a swap deal with Türkiye, officials said, aiming to boost electricity generation in the war-torn country.
Kazakhstan has once again come into the geopolitical spotlight, this time with American interests front and center.
Thailand has accused Cambodian forces of opening fire across the disputed frontier on Wednesday, the second reported violation since a Malaysia-brokered truce took effect at midnight on Monday.
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The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
Adidas saw its shares drop 7.5% in early Wednesday trading after second-quarter sales came in below expectations and the company warned of an added €200 million ($231 million) cost burden from new U.S. tariffs in the second half of 2024.
Spotify projected third-quarter profit below market expectations on Tuesday, citing increased tax expenses linked to employee compensation, despite strong demand for its premium subscription services.
Microsoft is reportedly in advanced negotiations to revise its agreement with OpenAI, aiming to maintain access to the startup’s cutting-edge AI technology even if OpenAI achieves artificial general intelligence (AGI), according to Bloomberg News, which cited sources familiar with the matter.
Türkiye is pressing Iraq to include a clause in a new energy deal that guarantees full utilization of the Kirkuk-Ceyhan oil pipeline, which has remained idle since 2023 due to legal disputes.
European automakers including BMW and Mercedes-Benz are set to gain €4 billion from a new EU-U.S. trade agreement that lowers tariffs on vehicle exports. The move offers relief in a key market but still leaves duties higher than pre-2024 levels.
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