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JLR Poised to Cut Thousands of Jobs in U.K.
Jaguar Land Rover Ltd. is expected today to detail a plan to slash costs by £2.5 billion ($3.1 billion) over the next two years, in part by shedding thousands of jobs in early 2019, the Financial Times says.
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Jaguar Land Rover Ltd. is expected today to detail a plan to slash costs by £2.5 billion ($3.1 billion) over the next two years, in part by shedding thousands of jobs in early 2019, the Financial Times says.
JLR announced the cost savings target in October after reporting a £90 million ($113 million) loss for July-September. Unit sales plunged 13% in September as all major markets posted declines. The company also is struggling with plunging demand for diesel models and the costs of bracing for the U.K.’s exit from the European Union at the end of March.
FT says the job cuts in the U.K. could total as many as 5,000 positions. That would represent about 13% of the company’s current workforce in the U.K.
Critic Robin Zhu, a Bernstein analyst in Hong Kong, tells FT that JLR has been “seriously mismanaged” in recent years, marked by poor cost controls and a lack of management accountability.
The newspaper says that a longer-term goal for the company will be to clean up a product lineup that currently contains too many SUV models that compete with each other.
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