Ticker: Jaguar Land Rover will cut 4,000 jobs; Global shares are mixed

Jaguar Land Rover said Monday it will cut 4,000 jobs across its global workforce as it tries to cut costs and compete with Chinese electric carmakers. Britain's biggest automaker said the job cuts will take place over the next two years as it targets 1.7 billion pounds ($2.3 billion) in savings to make it more competitive as the industry transitions to electrification. 'The automotive industry faces significant challenges, with technological change amidst intense competition and ongoing geopolitical uncertainty,' chief executive PB Balaji said in a statement. The job cuts and savings will help the company invest 15 to 18 billion pounds ($20-24 billion) over the next five years in electrification, digital technologies and other areas, he added. Jaguar Land Rover, which makes the Range Rover, Discovery and other luxury SUVs, has reported slumping profits and sales in the face of intense competition from cheaper Chinese EVs, soaring costs and the impact of U.S. President Donald Trump's tariffs. Global shares were trading mixed on Monday, with benchmarks in Tokyo and Seoul leading gains thanks to buying of computer chipmakers' stocks. France's CAC 40 was little changed, inching up less than 0.1% in early trading to 8,282.06. The German DAX shed 0.2% to 25,993.23. Britain's FTSE 100 declined 0.2% to 10,814.01. U.S. shares were set to drift lower with Dow futures down 0.3% to 53,273.00. S&P 500 futures were little changed at 7,721.75.