Tata Motors plans to lay off 1,100 contract agency employees at its luxury Jaguar Land Rover (JLR) unit, amid the coronavirus pandemic.
This comes after it raised the cost cutting target by £1 billion (around â¹9,600 crores). JLR, which is the UK's largest automotive manufacturer, has posted a loss of £501 million before tax in the March quarter.
By March 2021, the company hopes to save £5 billion in costs at the JLR unit. A significant part of this aim, that is, about £3.5 billion, has already been accomplished.
It will further lower capital expenditure at the unit, which will save £2.5 billion in the present financial year, compared to the over £3 billion it was used to spending till now, every year.
This comes after it raised the cost cutting target by £1 billion (around â¹9,600 crores). JLR, which is the UK's largest automotive manufacturer, has posted a loss of £501 million before tax in the March quarter.
By March 2021, the company hopes to save £5 billion in costs at the JLR unit. A significant part of this aim, that is, about £3.5 billion, has already been accomplished.
It will further lower capital expenditure at the unit, which will save £2.5 billion in the present financial year, compared to the over £3 billion it was used to spending till now, every year.