Jaguar Land Rover has been hit by falling demand for saloons and diesel cars, along with declining sales in China, and posted a £90 million loss in the third quarter of 2018.
It is about to embark on a £2.5 billion restructuring, which will reportedly include the loss of up to 5000 jobs.
Jaguar Land Rover’s parent company, Tata Motors, has dismissed reports that it is looking to sell the British car firm, saying it is “committed” to its long-term growth.
Chairman of Indian firm Tata Motors and Jaguar Land Rover, Natarajan Chandrasekaran has issued a statement in response to speculative stories about the future of the car maker, saying: “I would like to clarify that we remain committed to the long-term growth and success of JLR.”
JLR will continue to face global headwinds being experienced by the auto industry and, to address them, the management is taking the right steps to drive operational excellence, whilst continuing to invest in innovative products and technology to stay competitive globally. There is no truth to the rumors that Tata Motors is looking to divest our stake in JLR or discontinue the Jaguar brand.
Chandrasekaran added that he had “great belief in the potential” of both JLR’s products and engineering, concluding: “I am confident that these inherent strengths, coupled with the focused efforts by the management to drive performance in the medium term by improving its operational leverage, will help JLR deliver consistent, competitive growth in the coming years.”
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