Jaguar Land Rover to lay off up to 1000 employees in UK amid COVID-19
Category: #business  | By Nikita Chaurasia  | Date: 2020-06-17 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Jaguar Land Rover to lay off up to 1000 employees in UK amid COVID-19

Jaguar Land Rover, a British multinational automotive giant, recently announced to let go around 1,000 agency staff in UK after suffering a humongous loss of £500 million in three months spanning the COVID-19 pandemic. Sources close to the matter stated that the automotive company was about to make profits following previous year’s loss of £3.6 billion, until the recent pandemic wiped out its 2020 earnings in a matter of weeks.

If sources are to be believed, the automaker’s plans to dismiss up to 1,000 contractors, will affect factories at Halewood on Merseyside and Solihull and Castle Bromwich in the West Midlands.

The quarterly sale figures show the severity of the impact of COVID-19 pandemic on the company’s global sales. Jaguar Land Rover accounted for sales of 509,000 cars in 2020, which was 70,000 less than the previous year’s sales.

Of the shortfall, around 49,000 were recorded in the fourth quarter, especially when coronavirus hit JLR’s most lucrative market, China. As a result, the company generated revenues around £23 billion, which was £1.2 billion lower than previous year.

A subsidiary of Indian automotive manufacturer Tata Motors, JLR was already in the trenches owing to reduced sales of diesel vehicles and its high dependency on the Chinese market.

Reportedly, it had planned to lay off 5,000 workers in 2019 following its record loss while setting a cost cutting target of around £1bn by the year 2021.

The automaker mentioned in a statement that it would lay off another 1,100 contract workers in its manufacturing facilities, which will help in improving its savings goal by £5 billion.

UK has recorded up to 2,98,000 cases of COVID-19, while the deaths due to the disease have reached 41,969, claim credible reports. Besides this, the regional economy has been badly hit and businesses are looking for ways to reduce expenses, lay off being a hot pick for cost reduction.

Source Credits –

https://www.theguardian.com/business/2020/jun/15/jaguar-land-rover-cut-more-than-1000-agency-staff-uk

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

McKinsey commences job cuts focused on non-client serving teams

McKinsey commences job cuts focused on non-client serving teams

By Nikita Chaurasia

McKinsey and Co. a consulting giant entity has decided to start cutting jobs in one of the biggest rounds of layoffs for the company. This is likely to eliminate the jobs of about 2000 employees from work. The layoffs will be focused on support st...

Fintech firm PayPal to shed around 2000 staff as global economy plummets

Fintech firm PayPal to shed around 2000 staff as global economy plummets

By Nikita Chaurasia

PayPal, the U.S.-based fintech giant, has reportedly announced that it will cut nearly 2000 jobs, approximately 7% of its workforce, as it turns the latest prominent tech company to shed staff in a bid to cut costs. The online payments provider cl...

EasyJet sees a rise in bookings as customers plan their next vacations

EasyJet sees a rise in bookings as customers plan their next vacations

By Nikita Chaurasia

British multinational low-cost airline group, EasyJet, has reported a record surge in bookings for the month of January as people prioritized their travel plans for the coming year. The news comes as airlines world over start to show signs that they&...