UK’s Jaguar Land Rover to cut 4,000 jobs over next two years

British luxury car manufacturer Jaguar Land Rover announced on Monday that it plans to cut around 4,000 jobs globally over the next two years as part of a strategy to cut costs and boost competitiveness. The company, with major operations in central England, aims to save £1.7 billion (£2.3 billion) and reduce its break-even point towards 300,000 vehicles.

Jaguar Land Rover currently employs approximately 30,000 people in the UK out of a total global workforce of about 40,000. The company is owned by India's Tata Motors. Finance Minister John Healey delivered a speech in Coventry, home of Jaguar Land Rover, focusing on economic growth when the cuts were confirmed. The company is set to launch five new products in the coming year and plans to invest £15-18 billion over the next five years in areas such as electrification, digital technologies, advanced manufacturing, and improved customer experiences.

Business Minister Jonathan Reynolds is scheduled to meet Jaguar Land Rover's Chief Executive, PB Balaji, this week to discuss the job cuts, following reports of the company's plans.