Jaguar Land Rover (JLR), owned by the Indian conglomerate Tata, just reported a hefty £451 million loss for the last quarter, even though revenue actually grew to £5.9 billion.
The main reason? Major restructuring costs from cutting 4,000 jobs have hit the company hard.
JLR shifts focus to US EVs
Most of these job cuts are happening through voluntary exits, with 3,000 already confirmed, most of whom will leave at the end of November.
JLR is also dealing with falling sales in China and tough competition from Chinese automakers, so it is shifting focus to the US and rolling out new electric models like the flagship Range Rover and the luxury electric Jaguar Type 01.
Meanwhile, JLR's CEO is urging UK and European Union leaders to delay new post-Brexit tariffs on EVs using Asian batteries, saying it is crucial for Europe's electric future.