Job losses possible at JLR, Tata warns
Saturday 27 June 2009
Jaguar Land Rover has lost £281m in the 10 months to March, helping its parent company, Tata Motors, to its first loss in eight years and prompting it to warn there could be further job losses at its British subsidiary.
The Indian group, which paid £1.15bn for JLR in March 2008, recorded an annual loss of 15.1 billion rupees (£189m), compared with 21.7 billion rupees profit in the previous year, as the global automotive industry has been devastated by recession.
In the UK, JLR has been hit hard by collapsing demand for new cars. Global sales are down by 28 per cent compared with June last year. Although sales of Jaguars are slightly up – by 1 per cent – thanks to the introduction of the new XF model, some 35 per cent fewer Land Rovers have been sold.
The company has been asking for government help since before Christmas, claiming its position as a major investor in research and development justifies support. But Lord Mandelson, the Business Secretary, maintains it is up to Tata Motors to provide any help its subsidiary needs. Even JLR’s attempts to secure the necessary government guarantees for loans for green research from the European Investment Bank have stalled. The company says the conditions attached to the guarantees are too onerous to be commercially viable.
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked photo leak
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say singer's representatives
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£600 - £800 per day: Harrington Starr: Derivatives Risk Commodities Business A...
£600 - £800 per day: Harrington Starr: Power & Gas Business Analyst/Subject Ma...
£600 - £900 per day: Harrington Starr: Infrastructure Lead, (Trading infrastru...
£35000 - £38000 per annum + benefits: Ashdown Group: A highly successful, glob...