Jaguar Land Rover Readjusts Production As It Navigates Tough Market

Tata-owned JLR plans 1000 job cuts in UK

Tata-owned JLR plans 1000 job cuts in UK

While the brand is gearing up to launch an array of new offerings that includes the F-Type SVR and the new Range Rover Sport, the company might be slashing 1,000 jobs as well as drastically reduced production at two of its plants.

Meanwhile, around 360 workers at the Castle Bromwich factory, which builds Jaguar models, are set be relocated to Solihull.

Earlier this year, JLR had already reduced the production at the Halewood plant due to weakening demand and also the hike in tax on diesel cars. India is also looking at stopping the sale of diesel and petrol cars by 2030.

Jaguar sales have fallen 26% so far this year and Land Rover dropped 20%.

The JLR blamed "continuing headwinds" affecting the vehicle industry for its decision. Recent figures from the trade body showed sales of diesels fell a whopping 37 per cent in March compared with the previous year. They're also blaming a general decline in vehicle sales after Brexit.

"In light of the continuing headwinds impacting the vehicle industry, we are making some adjustments to our production schedules and the level of agency staff", the company reportedly said in a statement".

EPS for Cardinal Health, Inc. (CAH) Expected At $1.51
The rating was maintained by Jefferies on Wednesday, June 21 with "Hold". (NASDAQ:AAPL) on Monday, July 24 with "Buy" rating. Following the completion of the sale, the insider now owns 36,157 shares of the company's stock, valued at $2,397,209.10.

The UK has voted to leave the 28-member European Union.

Shares of Tata Motors on the Indian exchanges today settled almost 5 per cent down on JLR's job cut plans in the UK.

On NSE, the stock opened at Rs 350.80, then fell to an intra-day low of Rs 340.70, down 4.57 per cent over its last close.

JLR chief executive Ralf Speth has pointed to weakness in the economy as well as a drop in demand for diesel and tax changes for creating a "reaction in the consumer base".

"A final deal that keeps our frictionless trade links with our biggest market, the now a pressing priority", Mike Hawes, the head of the UK Society of Motor Manufacturers and Traders, said in a statement last month. This move came a day removed from Volvo announcing it would only make electric or hybrid models starting in 2019.

Noticias recomendadas

Nos complace brindar esta oportunidad para compartir información, experiencias y observaciones sobre lo que está en las noticias.
Algunos de los comentarios se pueden reimprimir en otras partes del sitio o en el periódico.
Gracias por tomarse el tiempo para ofrecer sus pensamientos.