Tata Motors-owned JLR is targeting more than $2 billion of savings over the next two years and resizing its workforce as part of efforts to streamline its business.
“We need to adapt to evolving global market conditions,” a JLR spokesperson said in an emailed statement.
The luxury car maker is aiming to save around 1.7 billion pounds sterling, equivalent to $2.30 billion, and reduce break-evens to 300,000 vehicles.
“To achieve this, we must further simplify our organisation, improve efficiency, and build greater resilience,” the spokesperson said.
The company, which designs, builds and sells cars under British brands such as Range Rover and Jaguar, is opening a voluntary redundancy program offering salaried and management team members “the opportunity to leave the business,” the spokesperson said. Staff and trade union partners have been informed.
The Times had previously reported that the company planned to cut jobs.
Write to Megan Cheah at megan.cheah@wsj.com
