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JLR: 3,000 staff accept voluntary redundancy as carmaker targets £1.7bn savings
The carmaker said the cuts are part of a £1.7 billion savings plan as it faces market challenges and pressure from Chinese rivals.
- On Friday, Jaguar Land Rover reported £5.9 billion in quarterly revenue, returning to a £6 million profit despite significant restructuring charges following last year's cyber attack.
- To save £1.7 billion, JLR initiated a redundancy program targeting 4,000 jobs; Chief Financial Officer Richard Molyneux confirmed 3,000 employees have signed up to leave by the end of this month.
- Facing geopolitical risks, JLR lowered its full-year adjusted EBIT margin forecast to between 2% and 3%, while flagging a £530 million cost hit from restructuring and asset write-downs.
- Chief Executive Officer PB Balaji warned that competition from Chinese rivals like BYD is pressuring prices, stating JLR will take "necessary actions" to remain competitive and protect intellectual property.
- The Range Rover GT and new electric Defender will launch next year, with executives expressing confidence the remaining workforce retains the "talent and skill" to propel the business forward.
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·Düsseldorf, Germany
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Total News Sources18
Leaning Left2Leaning Right3Center3Last UpdatedBias Distribution38% Center, 37% Right
Bias Distribution
- 38% of the sources are Center, 37% of the sources lean Right
38% Center
L 25%
C 38%
R 37%
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