Jaguar Land Rover Plans to Cut 4,500 Jobs Worldwide [Fortune]
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Source: Fortune
Jaguar Land Rover Plans to Slash 4,500 Jobs Worldwide Jaguar Land Rover plans to slash 4,500 jobs worldwide, as the U.K.’s biggest automobile maker responds to the sales slowdown caused by Brexit, flagging demand for diesel-powered vehicles and a downturn in China. The cuts, representing roughly 10 percent the company’s workforce, are part of a 2.5 billion-pound ($3.2 billion) push announced last year to reduce costs and boost cash flow through 2020. They come on top of the 1,500 people who left the company in 2018. The restructuring was announced on the same day that Ford Motor Brexit played an indirect role in the decision, Jaguar Land Rover Chief Executive Officer Ralf Speth said on a conference call, citing the U.K. automotive market’s 6.8 percent drop in 2018, the worst since the financial crisis. He said the company has limited capacity to stockpile parts to prevent disruptions in the case of a hard Brexit, given it turns out 3,000 vehicles a day. “We build even more engines, so
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