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.
Natarajan Chandrasekaran, chairman of Indian firm Tata Motors and Jaguar Land Rover, 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.”
He added: “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 rumours 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 and cash accretive growth in the coming years.”