Britain's auto manufacturer Jaguar Land Rover (JLR) Thursday announced it will cut 4,500 workers globally due to falling diesel sales, Brexit uncertainty and a fall in car sales in major overseas markets.

JLR, owned by Indian conglomerate Tata, said its retail sales in 2018 totalled 592,708 vehicles, down 4.6 percent compared to 2017.

The latest job cuts will come in the areas of marketing, management and administration following 1,500 job losses last year by JLR, as it sought to combat falling profits.

JLR said in a statement that it aimed to save 2.5 billion pounds and improve cashflow, as part of an 18-month long-term strategic operating efficiencies.

Ralf Speth, chief executive of JLR, said: "We are taking decisive action to help deliver long-term growth, in the face of multiple geopolitical and regulatory disruptions as well as technology challenges facing the automotive industry."

Speth warned in July last year that uncertainty over trading arrangements with the EU threatened future investment plans by JLR in Britain, cautioning that a bad Brexit deal could cost the firm 1.2 billion pounds.

JLR also announced a further investment in electrification, with next generation Electric Drive Units (EDU) to be built at the company factory in Wolverhampton, the British Midlands -- the traditional home of Britain's car industry.

JLR's announcement came on the same day U.S. car maker Ford announced it was making cuts to European auto-manufacturing operation.(One pound = 1.27 U.S. dollars) 

Related

Go to Forum >>0 Comment(s)