Britain's biggest carmaker cutting 1,000 jobs [CNN]
Tata Motors Ltd Tata Motors Limited (TTM)
US:NYSE Investor Relations:
tatamotors.com/investor/volumes
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Source: CNN
Britain's biggest carmaker cuts 1,000 jobs The UK's biggest auto manufacturer -- Jaguar Land Rover -- is cutting 1,000 jobs in its home market as Brexit and slumping sales hit the quintessentially British brand. Jaguar Land Rover -- which is owned by India's Tata Motors ( TTM ) -- employs about 40,000 workers in the UK who produce over 500,000 vehicles a year. The company is cutting the jobs at a factory in Birmingham that manufactures the Jaguar F-Pace along with the Land Rover Discovery and various Range Rover models. It said that a sharp decline in British car sales caused by a loss of consumer confidence contributed to the decision. Jaguar Land Rover's UK sales in March were down 26% compared to the same month last year. Car sales across the industry were down nearly 16%. Brits have cut back on big-ticket purchases as their wages have been squeezed by a rise in inflation, a side effect of the Brexit referendum in 2016. A sharp drop in the pound following the vote made imported
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