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Bloomberg
Jaguar Land Rover (JLR) will announce plans early next year to cut thousands of jobs as part of a turnaround strategy, the Financial Times reported, citing several unidentified people close to the company.
The UK luxury carmaker, owned by India’s Tata Motors Ltd, will outline the measures in January as part of a three-year cost-cutting programme, the report said. In October, it outlined plans to deliver cost and cash flow improvements of 2.5 billion pounds ($3.15 billion) within 18 months.
“Jaguar Land Rover does not comment on rumours concerning any part of these plans,†a spokesman for the company said.
S&P Global Ratings cut Tata Motors’ long-term rating deeper into junk, the second downgrade in five months, citing headwinds for JLR in some key markets, including China. JLR’s euro-denominated bonds due in 2026 have fallen to about 84 cents on the euro since they were sold at par in September, according to data compiled by Bloomberg.