Jaguar Land Rover is cutting 4,500 jobs from its global workforce as part of £2.5bn cost-saving programme amid falling sales in China and Europe and record losses of £3.4bn in the last three months of 2018. BMW, meanwhile, is trying to cut costs by €12bn and has warned that profits will fall this year.
Ralf Speth, the company’s chief executive, told the prime minister, that “tens of thousands” of jobs in the sector could be lost if she failed to reach an agreement with Brussels while the auto giant’s factories faced grinding to a halt.
The chief executive of Jaguar Land Rover has warned that supply bottlenecks resulting from a "no deal" Brexit could bring to a halt production and cost £60m a day.
Jaguar F-Type at Watford Showroom
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