Jaguar Land Rover have announced that they will cut 300 jobs at the Halewood factory in the UK as the luxury car maker struggles in the economic crisis. Production of the X type car will be stopped completely.
The company which is owned by Tata Motors of India has said that it is not considering closing the Halewood plant at this stage, but will be shutting the factory down for around three weeks.
“Our industry has been especially badly hit by the recession and the premium sector more than others. Jaguar Land Rover’s retail sales fell by 28 percent in the past 10 months,” Chief Executive David Smith said in a statement.
Tata Motors had recently warned of imminent job cuts, on the back of accounts for Jaguar Land Rover that reported an after tax loss of £306million over ten months, to the end of March.
The company is still hoping to secure a loan from the European Investment Bank, but are still in talks with the UK government over a loan guarantee to support the finance believed to be in the region of 340 million euros.
Despite the gloom Jaguar still went ahead with a lavish launch party for the latest Jaguar XJ last week.
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