JLR may cut up to 4,000 jobs, Jonathan Reynolds meets
Jaguar Land Rover (JLR) is looking to cut up to 4,000 jobs, according to a report, after a tough year that included a cyberattack and big financial losses.
Next week, the U.K.'s Business Secretary Jonathan Reynolds will meet with JLR leaders and the Unite union to talk through these cuts, which are part of a voluntary redundancy program aimed at making the company more efficient.
Jonathan Reynolds rules out bailout
Reynolds says there won't be a government bailout but promises to help limit job losses and support JLR's future:
Reynolds said the meeting would focus on ways to mitigate any job losses and that he opened the door to long-term investment in the future of the company.
The company is facing pressure from falling sales, tariffs, and the electric vehicle sales target, which rises each year to reach 80% by 2030.
With around 30,000 UK employees, JLR's struggles reflect bigger challenges for carmakers right now.
Chancellor John Healey is also preparing to deliver a speech in the Midlands on Monday promising to boost economic growth by changing how the government values investment in infrastructure such as transport and housing as Coventry (JLR's home base) feels the impact.