Jaguar Land Rover to cut 4,000 jobs as European car sector hits skids

London - Jaguar Land Rover has announced plans to lay off around 4,000 employees over the next two years, marking another blow to Europe's automobile industry. The voluntary redundancy scheme comes just days after Volkswagen announced a staggering 50,000 job cuts. The move follows months of turmoil for JLR, including a cyberattack that forced the company to halt production and a recent set of US tariffs.

As global carmakers grapple with intense competition from Chinese manufacturers and the shift towards electric vehicles, JLR aims to save £1.7 billion ($2.3 billion) through cost reductions. CEO PB Balaji stated that the restructuring will focus on saving £1.7 billion and launching five new products, while expanding into new markets.

Around 34,000 employees, primarily based in the UK, will be directly affected by the job cuts. The company is seeking to improve efficiency and build resilience in the face of ongoing challenges in the automotive sector.