Jaguar Land Rover to cut 4,000 jobs over two years in major cost-saving drive
The luxury carmaker is targeting £1.7 billion ($2.3 billion) in savings as it faces Chinese competition, a cyberattack and U.S. tariffs.
TL;DR
- Jaguar Land Rover (JLR) will cut 4,000 jobs, about 10% of its global workforce.
- The company targets £1.7 billion ($2.3 billion) in savings over two years.
- JLR is responding to competition from Chinese rivals, a cyberattack, and U.S. tariffs.
- CEO PB Balaji stated the automotive industry faces significant challenges including technological change, intense competition, and geo-political uncertainty.
- The company will launch five new products in the next 12 months.
- The UK government has taken actions to support the automotive industry, including lowering electricity bills and providing funding for zero-emission vehicles.
- German auto giant Volkswagen also announced plans to cut jobs amid similar pressures.