Jaguar Land Rover to cut jobs as it targets $2.3 billion in savings

According to a statement distributed by the company to media, JLR has informed its employees and trade union partners that it is opening a voluntary redundancy program offering salaried and management team members the opportunity to leave the business.

The company did not specify how many employees could be affected by the program.

The move comes as JLR continues the next phase of its Reimagine strategy. In June, the automaker announced plans to reduce costs by £1.7 billion, or $2.3 billion, and bring its breakeven volumes towards 300,000 vehicles over the next two years.

The cost reductions are part of the company’s so-called Enterprise Missions, targeting material costs, warranty expenses and fixed costs.

JLR also said it was resetting its operating cost base and working to improve its end-to-end processes and product launches as part of efforts to build a more resilient business.

At the same time, the company plans to pursue double-digit revenue growth in the medium term, with a greater focus on North America and increased propulsion flexibility across its Range Rover, Defender and Discovery brands.

JLR has also reconfirmed its five-year commitment to invest £18 billion, or $24.5 billion, in future technologies, vehicle platforms and transformation through FY29.

Earlier, Qazinform News Agency reported that Volkswagen management was reportedly planning to end vehicle production at four plants in Germany.