London (AFP) – Jaguar Land Rover said Monday that it would cut "around 4,000 roles over the next two years", or about ten percent of its global workforce, in a further blow to Europe's automobile industry.
The company revealed its voluntary redundancy scheme just days after the German car giant Volkswagen announced 50,000 new job cuts.
It follows months of turmoil caused by a cyberattack on the British luxury carmaker and US President Donald Trump's sector-wide tariffs.
The world's biggest carmakers across Europe, the United States and Japan are also facing strong competition from Chinese manufacturers, as well as the need to invest heavily as the industry shifts toward electric vehicles.
"The automotive industry faces significant challenges, with technological change amidst intense competition and ongoing geopolitical uncertainty," JLR's chief executive PB Balaji said in the statement, which also said it would target cost savings of £1.7 billion ($2.3 billion).
"Over the next 12 months, we will launch five new products, continue to leverage the strength of our brands and renew our focus on North America, amongst other markets, to help us deliver double digit revenue growth," Balaji added.
The vast majority of JLR employees -- around 34,000 people -- are based in the UK.
In an earlier statement Monday, JLR identified management roles as those at risk, while local media reports said most of the cuts would be in the UK.
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1 Comments
Eternal192@anarchist.nexus · 4 pts · 2d
Companies seem to be missing the memo that people just don't have that much money to throw around on cars that have gotten more and more expensive over the years and with increasingly poorer quality and honestly i don't know which company i would trust and buy their vehicles and feel safe that it won't break down before even managing to get it home, at least that's my opinion on vehicles made in the past 10 years, older vehicles can still be surprisingly good.