JLR to Cut 4,500 Jobs in England

January 10, 2019 at 12:03 PM

Jaguar Land Rover Ltd. confirms reports that it will eliminate 4,500 jobs from its 40,000-member workforce in the U.K.

JLR shed 1,500 jobs in 2018. The new reductions are part of an effort announced last month to lower annual costs by £2.5 billion in 18 months.

The company says it trimmed costs by £500 million ($638 million) last year. It has identified more than £1 billion ($1.3 billion) in additional cuts.

JLR’s first-half pretax income swung from £953 million to a loss of £354 million ($452 million) for the fiscal period ended Sept. 30. The downturn is due primarily to slumping demand for diesels and the cooling auto market in China.

The company reports that its annual sales in calendar 2018 fell 5% to 592,700 units. A 1% gain to a record 180,800 vehicles for Jaguar was offset by a 7% drop to 411,900 units for Land Rover.