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  HOME | Business & Economy (Click here for more)

Jaguar Land Rover Confirms 4,500 Job Losses in Cost-Cutting Drive

BARCELONA – Jaguar Land Rover will cut around 4,500 jobs as part of a broad restructuring effort aimed at bringing down costs, the company said Thursday.

The premium automaker, which is a subsidiary of India’s Tata Motors, said the layoffs are in addition to the 1,500 people who left the business in 2018. In July the company reported a total workforce of more than 43,000.

“We are taking decisive action to help deliver long-term growth, in the face of multiple geopolitical and regulatory disruptions,” Chief Executive Ralf Speth said.

JLR has recently suffered from softening demand in China, a slowdown in sales of diesel vehicles and uncertainty over how Brexit will affect its sizeable UK manufacturing footprint.

Last year the company launched a cost-cutting program that aims to find 2.5 billion GBP ($3.19 billion) in savings over the next 18 months. So far the group has identified over GBP1 billion in potential synergies, of which more than 500 million euro has already been realized.

JLR also said it would begin producing electric-drive units at its Wolverhampton factory later this year.

 

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