No bailout for Jaguar Land Rover amid plans for job cuts

Britain's Jaguar Land Rover, the nation's largest car manufacturer, is set to cut around 4,000 jobs, according to reports. Prime Minister's business secretary Jonathan Reynolds confirmed there will be no bailout for the company amid the job cuts. JLR plans to announce the major redundancy programme on Monday, with losses spread over two years, according to The Times and PA Media.

The company has opened a voluntary redundancy program for salaried and management team members. Business secretary Reynolds stated that while he wants to mitigate job losses, he will not provide financial support to protect those jobs, citing long-term investment as the alternative. The car maker, which employs about 30,000 people across the UK, is undergoing a recovery following a major cyberattack last year.

JLR aims to save approximately £1.7 billion (US$2.2 billion) over the next two years and reduce break-even points to 300,000 vehicles. Unite general secretary Sharon Graham criticized the situation as "death by a thousand cuts," attributing it to years of under-investment, zero-emission mandates, and high industrial energy costs.

JLR reported a 9.6% drop in revenues to £6 billion for the three months ending June 30, driven by a 9.2% decline in car volumes. The company temporarily halted production of the Range Rover and Range Rover Sport models at its Solihull plant in March due to a major factory fire in Norway, and has also ceased production of numerous diesel and petrol-run models to focus on electric vehicles.