Jaguar Land Rover confirms 4,500 job losses in cost-cutting drive
File image shows Ralph Speth, CEO Jaguar-Land Rover reacts at a press conference during the official inauguration of a Jaguar Land Rover plant in Pune, 100kms south of Mumbai, India, May 27 2011. On Jan 10, 2019 Jaguar Land Rover announced it plans to cut around 4,500 jobs within a broad restructuring effort aimed at bringing down costs. EFE-EPA(FILE)/DIVYAKANT SOLANKI
File image shows the Land Rover Range Rover SV Coupe presented at the 88th Geneva International Motor Show in Geneva, Switzerland, March 6, 2018. On Jan 10, 2019 Jaguar Land Rover announced it plans to cut around 4,500 jobs within a broad restructuring effort aimed at bringing down costs. EPA-EFE (FILE) /CYRIL ZINGARO
File image shows the Jaguar factory in Castle Bromwich, Birmingham June 12, 2007. On Jan 10, 2019 Jaguar Land Rover announced it would cut around 4,500 jobs as part of a broad restructuring effort aimed at bringing down costs EFE-EPA (FILE)/ANITA MARIC UK AND IRELAND OUT
Barcelona, Jan 10, (efe-epa).- 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, according to a Dow Jones report supplied to Efe.
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, the Dow Jones report added.
JLR also said it would begin producing electric-drive units at its Wolverhampton factory later this year.