Jaguar Land Rover report massive losses
The car makers’ new owners Tata from India said that there maybe more job cuts to add to the 450 at the start of the year because of a £280 million loss for the first ten months ownership.
The sale of Land Rovers and Jaguars dropped by 32 per cent in their first ten months trading to 31st March 2009 against the same period last year. The sales slump is blamed whole heartedly on the world wide recession and Tata are continuing talks with the government in the UK about possible financial help.
“The government has said that it is willing to help as it regards Jaguar Land Rover as a viable company with good long term prospects,” said a spokesman for the Department for Business, Innovation and Skills.
The company which bought Jaguar Land Rover for a whopping£1.7 billion in June last year are in progressive talks with UK government and plans are being made for the short and long term financial stability the car company previously owned by Ford.
Last year saw Jaguar launch their new XF model and with the downturn of the economy and Jaguar Land Rover sales falling, this surprisingly had a very positive amount of feedback from consumers.
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