Jaguar Land Rover could cut as many as 5000 jobs

Jaguar Land Rover is preparing a huge £2.5 billion ($4.2 billion) turnaround plan to deal with dropping sales, an overseas report is claiming.

We already knew the plan was being prepared after Ralf Speth, Jaguar Land Rover CEO, announced it following the posting of a £90million loss in the third quarter of 2018. However, until now, we didn’t know specifics.

The new report cites a “financial analyst” who says up to 5000 positions could be on the chopping block.

According to Speth, the main issue behind flagging sales has been lower demand for diesel vehicles, made worse by Dieselgate. He said that it formed part of a “perfect storm” of issues, made worse by the trade war between American and China.

Rumours are suggesting the struggling British brand is considering a full move to electric power, with the next-gen XJ acting as an EV alternative to the Merc S-Class and Bentley Flying Spur.

The e-XJ would be joined by an Audi e-tron quattro rival in 2023, followed by a new I-Pace.

Early estimates reckon the electric line-up could generate around 300,000 sales globally.

As for the turnaround plan, expect more information soon.