Jaguar Land Rover Plans Voluntary Redundancies As It Targets £1.7 Billion In Savings

According to CNBC, Jaguar Land Rover will offer voluntary redundancies to thousands of workers as it responds to competition from cheaper Chinese rivals, a cyberattack and U.S. President Donald Trump's tariffs. The Tata Motors-owned company is planning to cut as many as 4,000 jobs over the next two years, according to a report from The Times, and said it has told colleagues and trade union partners it is opening a voluntary redundancy program for salaried and management staff. JLR said it needs to adapt to changing global market conditions while targeting about £1.7 billion ($2.3 billion) in savings over the next two years and lowering its break-even point to 300,000 vehicles. Tata Motors shares fell 0.7% on Monday and were up about 9.5% year-to-date.