Coventry-based car group Jaguar Land Rover has posted another quarter of brutal losses as Brexit uncertainty and slowing demand in China take their toll.
Britain's biggest car maker، owned by Indian conglomerate Tata، booked a £273million loss in the three months to 31 December، which follows on from a £90million loss in the previous quarter.
The group stumped up a £3.1billion impairment charge as it wrote down the value of its plants and other assets، citing muted demand and technological and regulatory headwinds. Last month، Jaguar Land Rover confirmed it was cutting 4،500 jobs، with the majority coming from its near 40،000 strong UK workforce.
Most job cuts will be made in office roles as the company wants to simplify its management structure. The cuts come on top of last year's 1،500 job losses.
Today، the group's chief executive، Ralf Speth، said: 'Jaguar Land Rover reported strong third quarter sales in the UK and North America، but our overall performance continued to be impacted by challenging market conditions in China. 'We continue to work closely with Chinese retailers to respond to current market conditions.'
Mr Speth added: 'This is a difficult time for the industry، but we remain focused on ensuring sustainable and profitable growth، and making targeted investments، that will secure our business in the future.'
The group's sales in China have been hampered by consumer uncertainty following import duty changes and escalating trade tensions with the US.