The automaker absorbed £530m in restructuring charges related to massive workforce reductions, which dragged down an otherwise positive quarterly revenue of £5.9bn. Most affected staff are exiting via voluntary redundancy, with thousands scheduled to depart by late November. To offset overcapacity issues in China, the company is preparing an extensive electric rollout at its Solihull site while negotiating assembly options abroad.
Key points
Declining vehicle sales across the Middle East and China are compelling JLR to explore as…: Declining vehicle sales across the Middle East and China are compelling JLR to explore assembly deals with Stellantis.
Chief executive PB Balaji cautioned that pending European Union trade rules and tariffs c…: Chief executive PB Balaji cautioned that pending European Union trade rules and tariffs could hinder the electric vehicle transition.
Jaguar Land Rover is maintaining its Solihull electrification roadmap across multiple mod…: Jaguar Land Rover is maintaining its Solihull electrification roadmap across multiple models, including the luxury electric Jaguar Type 01.
Sources checked by our analysis pipeline: 1
Jaguar Land Rover has reported a £451m quarterly loss as it counts the cost of cutting 4,000 jobs, while its chief executive has called for the EU and Britain to work together in the face of competition from China.
Britain’s largest automotive employer reported revenues rising to £5.9bn between July and September, but it recorded £530m in costs from the job cuts announced near the end of that period amid tough trading conditions.
JLR said it expected the vast majority of the job cuts to be achieved via voluntary redundancies, with 3,000 already confirmed. Most of those people will leave at the end of November.
JLR said it had scraped into profit from its operations if it ignored the restructuring costs, but it was hurt by falling sales in China and the Middle East.
Many European carmakers are struggling as they face competition from Chinese rivals at the same time as they invest in electric car production.
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