Jaguar Land Rover reports £451m quarterly loss after cutting 4,000 jobs
Summary
Jaguar Land Rover reported a £451 million loss for July to September, despite revenue of £5.9 billion, as it recorded £530 million in costs linked to planned job cuts. Chief executive PB Balaji urged the UK and EU to cooperate on electric-car production and trade rules as the company faces falling sales in China and the Middle East and competition from Chinese automakers.Key Facts
- JLR announced plans to cut 4,000 jobs and said it expects most cuts to come through voluntary redundancies.
- The company said 3,000 job departures had been confirmed, with most of those workers due to leave at the end of November.
- JLR said it made an operating profit before restructuring costs.
- Balaji called on the UK and EU to work together in response to competition from Chinese automakers.
- New rules of origin due to take effect on 1 January could impose 10% tariffs on UK-EU electric cars that use batteries from Asia.
- JLR is owned by India-based Tata and is producing electric Land Rover models, starting with the Range Rover.
- JLR is also targeting growth in the United States and is discussing a deal for Stellantis to manufacture Land Rovers.
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