Jaguar Land Rover to cut jobs and reduce production, drop in diesel sales and Brexit to be blamed
17 April, 2018, 03:17
Jaguar sales are down 26 percent so far this year whilst Land Rover demand dropped 20 percent in its home market as buyers shun diesel.
Jaguar Land Rover (JLR) will not renew the contracts of 1000 agency workers at its Solihull facility due to industry challenges caused by falling diesel auto sales. India is also looking at stopping the sale of diesel and petrol cars by 2030.
Jaguar Land Rover pointed out that "the huge drop in demand in diesels" led to its decision not to renew the contracts of 1,000 workers.
Earlier this year, it said it would cut production amid uncertainty over Brexit and changes to taxes on diesel cars. Diesel demand fell by 37.2% last month.
Last week the company - which has about 40,000 staff - attributed the move to "continuing headwinds impacting the vehicle industry", though insiders hinted Government policy towards diesel was the main driver.
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Industry figures show continuing declines in United Kingdom vehicle production mainly thanks to steep falls in domestic demand, while there are also concerns about how exports may be affected by any trade barriers which could be thrown up by Brexit.
Shares of Tata Motors on the Indian exchanges today settled almost 5 per cent down on JLR's job cut plans in the UK.
In January, the firm stated it would temporarily decrease production at its other British plant of Halewood later this year in reaction to decreasing demand because of Brexit and tax hikes on diesel cars but did not describe any job losses. This move came a day removed from Volvo announcing it would only make electric or hybrid models starting in 2019.
A spokesman at Jaguar Land Rover (JLR) refused to comment on the number of jobs that would be lost but the company stated it would be making changes to its output plans. Additionally, even the uncertainty of Brexit is being seen as one of the reasons.
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In related news, insider Andrew Cecere sold 374,636 shares of the company's stock in a transaction dated Wednesday, January 25th. Bancorp from $60.00 to $61.00 and gave the company an "underweight" rating in a research note on Friday , February 2nd.
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The company's marketing budget for 2018 is at $2 billion and the technology and development budget will hit $1.3 billion in 2018. Sterling Cap Lc holds 0% or 1,699 shs. 11,600 were accumulated by Natl Mutual Insur Federation Of Agricultural Cooperatives.
Mr Creed will lead a trade mission to China next month to consolidate Ireland's trading relationship with the Chinese government. Both China and the USA had banned imports of beef from the European Union in 2000 due to fears over BSE (mad cow disease).
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