Jaguar Land Rover has launched a voluntary redundancy scheme, potentially impacting up to 4,000 employees, which represents roughly 10% of its total global workforce. The luxury automotive manufacturer aims to achieve approximately 1.7 billion pounds in savings over the next two years to navigate difficult market conditions. This restructuring follows a period of financial instability exacerbated by a significant cyberattack last year and the impact of U.S. trade tariffs. The company, owned by Tata Motors, reported a loss of 244 million pounds for the previous fiscal year. British Business Minister Jonathan Reynolds acknowledged the challenging environment for European carmakers while emphasizing the need for competitiveness. This development occurs as the broader automotive industry faces intense pressure from Chinese competitors and a rapid transition toward electric vehicle production, mirroring recent large-scale workforce reductions announced by other major manufacturers like Volkswagen.
Source : Daily Sabah
Photo : Daily Sabah
Aussi couvert par : Free Malaysia Today
