Jaguar Land Rover (JLR) has launched a voluntary redundancy program to save $2.3 billion over the next two years, reports UNN, citing Sky News.
On Saturday, the Times reported that the automaker could cut up to 4,000 jobs due to the impact of tariffs and falling sales.
The company has since confirmed that "team members in hiring and management positions" will be offered "the opportunity to leave the business," without confirming a specific number.
"As we implement the next stage of our strategy, we need to adapt to changing conditions in the global market, seeking to save approximately £2.3 billion over the next two years and reduce our break-even point to 300,000 vehicles. To achieve this, we must further simplify our organization, improve efficiency and increase resilience," - the statement said.
Last month, JLR reported a drop in sales following a fire at a supplier's plant, as well as disruptions related to the war between the United States and Iran.
The company said revenue fell 9.6% year-on-year to £6 billion in the three months to June 30.
JLR temporarily suspended production of its Range Rover and Range Rover Sport models at its plant in Solihull in March following a fire at a component manufacturer's plant in Norway.
It also halted production of numerous diesel and gasoline models, including the F-Pace.
In September 2025, a cyberattack halted JLR's global operations for several weeks, costing the manufacturer tens of millions of pounds in lost revenue per day.
It employs approximately 40,000 people worldwide, around 33,000 of whom are based in the United Kingdom.