LONDON — Jaguar Land Rover said Thursday it will cut 4,500 jobs as the carmaker addresses slowing demand in China and growing uncertainty about the U.K.’s departure from the European Union.
The luxury carmaker, owned by India’s Tata conglomerate, said the cuts will be in addition to 1,500 people who left the business in 2018. The cost-cutting program will begin with a voluntary reduction program in the U.K., where some 44,000 people are employed.
The latest job losses follow on from last year’s 2.5 billion-pound ($3.2 billion) turnaround plan that was designed to deal with many of the headwinds facing the company — Brexit, rising trade tensions between China and the U.S. and new European emissions standards combined to push Jaguar into the red in the three months to Sept. 30, compared with the same period the year before. The company also announced further investment in electrification.
Original published: 2019-01-10 10:44:17 Read the full New York City News here
Some local news is curated - Original might have been posted at a different date/ time! Click the source link for details.