Jaguar Land Rover Reports £451 Million Quarterly Loss

Jaguar Land Rover reported a £451 million quarterly loss for the period between July and September, primarily driven by £530 million in restructuring costs. The company is cutting 4,000 jobs as it grapples with falling sales in China and the Middle East, despite overall revenues rising to £5.9 billion.

Chief Executive PB Balaji has urged the United Kingdom and the European Union to avoid post-Brexit trade barriers. He specifically called for a delay in the January 1 implementation of rules of origin tariffs on electric cars that utilize Asian batteries, arguing that cooperation is necessary to combat competition from Chinese rivals.

To offset these losses, the company is targeting growth in the United States through a manufacturing deal with Stellantis. Jaguar Land Rover is also expanding its electric vehicle lineup, which includes the Range Rover and the Jaguar Type 01, to remain competitive in the evolving global market.