JLR chief executive calls for EU and Britain to join forces amid competition from Chinese electric carmakers
Jaguar Land Rover has reported a £451m quarterly loss as it counts the cost of cutting 4,000 jobs, while its chief executive has called for the EU and Britain to work together in the face of competition from China.
Britain’s largest automotive employer reported revenues rising to £5.9bn between July and September, but it recorded £530m in costs from the job cuts announced near the end of that period amid tough trading conditions.
JLR said it expected the vast majority of the job cuts to be achieved via voluntary redundancies, with 3,000 already confirmed. Most of those people will leave at the end of November.
JLR said it had scraped into profit from its operations if it ignored the restructuring costs, but it was hurt by falling sales in China and the Middle East.
Many European carmakers are struggling as they face competition from Chinese rivals at the same time as they invest in electric car production.
PB Balaji, JLR’s chief executive, said on Friday the “onslaught of competition” from China meant the UK and EU should stop plans for new post-Brexit trade barriers on each other.
The automotive industry is lobbying the UK and EU intensely to delay the implementation of “rules…
