Tata Motors unveils turnaround strategy for Jaguar Land Rover
The company says it has saved £300m since it initiated the turnaround plan six weeks ago and is working on 500 ideas for the future
India’s Tata Motors has announced a turnaround plan for its luxury car unit Jaguar Land Rover (JLR), which has been hit hard by trade tensions between China and the US, low demand for diesel cars in Europe and worries over Brexit. Under “Project Charge”, Tata said on Wednesday it plans to cut costs and improve cash flows at Jaguar Land Rover (JLR) by £2.5bn over 18 months. JLR also plans to launch several new vehicles including the Jaguar I-Pace and the new Range Rover Defender over the next few years and will offer a hybrid or electric version of all its models by 2020. “Together with our ongoing product offensive and calibrated investment plans, these efforts will lay the foundations for long-term sustainable growth,” JLR CEO Ralf Speth said after Tata reported a loss for the second quarter.
JLR has trimmed its pretax profit expectations for the current fiscal year ending March 31 2019 and expects to break even, Speth said, versus an earlier target of profit growth. As part ...
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