All seemed to be rosy for Jaguar at the 2009 Detroit Auto Show – with the British automaker unveiling new high-performance XFR and XKR models – but the now Tata-owned Jaguar Land Rover group is facing some very serious perils, with further job cuts on the way.
Earlier on Wednesday, Jaguar Land Rover announced that it will be cutting 450 jobs in the wake of collapsing sales and a slumping global economy. JLR will be eliminating about 15 percent of its managers – representing 300 positions – and cutting another 150 salaried employees from its global workforce. JLR employs about 15,000 workers globally, according to Reuters. Jaguar eliminated almost 1,400 jobs in 2008.
Additionally, managers will not receive bonuses in 2009, with pay increases put off until at least October 1st, 2009.
“Overall, the global auto market is considerably down, particularly in markets like the United States and the UK, and it’s basically because customers cannot raise credit to buy new cars,” a Jaguar Land Rover spokesman told Reuters.
Further cuts are likely as JLR Chief Executive David Smith doesn’t “expect sales conditions to return to normal levels for some time.”
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