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Jaguar Land Rover plans to cut 5,000 jobs, paper says

The UK luxury automaker, owned by India’s Tata Motors will outline the measures in January as part of a three-year cost-cutting program, the paper said, citing several unidentified people close to the company.

JLR has been hit hard due to trade tensions between China and the U.S., both key markets for the automaker, low demand for diesel cars in Europe and costs associated with Britain’s departure from the EU.

Tata Motors said in October that it plans to cut costs and improve cash flows at JLR by 2.5 billion pounds ($3.2 billion) over 18 months in a turnaround plan. Tata did not say how many jobs would be lost. JLR will first focus on cash saving “quick wins” such as reducing nonproduct investments and speeding asset sales, Tata said in an investor presentation.

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