From the Guardian · · 1m 20s
Jaguar Land Rover posts £451m loss after 4,000 job cuts
Britain's largest car maker reports heavy quarterly losses as it restructures for electric vehicles and calls for UK-EU trade cooperation against Chinese competition.
In brief
Britain's largest car maker reports heavy quarterly losses as it restructures for electric vehicles and calls for UK-EU trade cooperation against Chinese competition. Jaguar Land Rover reported a £451m quarterly loss after cutting 4,000 jobs, with its chief executive calling for the UK and EU to work together against…
JLR reports £451m quarterly loss
Jaguar Land Rover reported a £451m loss for the quarter ending September, with revenues of £5.9bn but £530m in restructuring costs from job cuts announced during the period.
Four thousand jobs being cut
JLR is cutting 4,000 jobs, with 3,000 already confirmed. The company expects the vast majority to be achieved through voluntary redundancies, with most people leaving at the end of November.
Chinese competition drives restructuring
JLR is struggling with falling sales in China and the Middle East as European carmakers face competition from Chinese rivals while investing heavily in electric car production.
CEO calls for UK-EU cooperation
Chief executive PB Balaji said the UK and EU should stop new post-Brexit trade barriers and work together.
“Now is the time for actually fostering this entire electrical ecosystem. It's so important for us that we all hold hands, stick together and ensure that we get the system to evolve into the world of electrics.”
JLR pivots to US and electric models
JLR is targeting growth in the US through a manufacturing deal with Stellantis for Land Rovers.
The takeaway
Jaguar Land Rover reported a £451m quarterly loss after cutting 4,000 jobs, with its chief executive calling for the UK and EU to work together against Chinese electric car competition.