Jaguar Land Rover Axing More Than 9 Percent of Global Workforce Under Turnaround Plan

The British automaker is looking to cut $2.3 billion in labor costs, while investing up to $24 billion in electrification and other initiatives. , Jaguar Land Rover plans to trim 4000 jobs from its current 43,000 employee workforce. The job cuts are planned to take place over the next two years, and come as part of a planned £1.7 billion expense reduction plan. 'The automotive industry faces significant challenges, with technological change amidst intense competition and ongoing geopolitical uncertainty,' JLR chief executive PB Balaji said in a statement. , a controversial rebrand for the Jaguar badge and various global shifts in views on electric vehicles have not been the only hurdles for JLR to try and jump lately. Last year, it was hit by aAt the same time, however, JLR isn't simply tightening its belt. The company expects to pour as much as £18 billion into its future over the next five years, funding everything from EV development and new technology to modernized factories and the way customers interact with the brands. JLR is also committed to rolling out five new products over the course of the next year;For JLR, the next couple of years will be a difficult balancing act. It needs to dramatically reduce costs while simultaneously investing billions in the products it hopes will secure its future. Unfortunately, 4000 employees will not be coming along for the ride as the company attempts to navigate one of its most challenging periods in recent years.