Britain's biggest carmaker Jaguar Land Rover said it will cut 1,000 jobs and reduce production at two of its English factories as demand for diesel cars slumps in the face of higher taxes and a regulatory crackdown.
"In light of the continuing headwinds impacting the auto industry, we are making some adjustments to our production schedules and the level of agency staff", a JLR statement had said.
JLR is holding meetings today with staff to discuss the changes, which it said are the result of "continuing headwinds" that have forced the company to make "adjustments to production schedules and the number of agency staff".
Licensed content appeals more to Netflix viewers
The Internet television network reported $0.41 EPS for the quarter, meeting the Thomson Reuters' consensus estimate of $0.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink .
Union Unite urged the Government to reconsider its policy towards diesel in light of the job losses.
Felix Brautigam Jaguar Land Rover Chief Commercial Officer said, "Weaker market conditions in the United Kingdom and Europe, driven by lack of consumer confidence and lower demand for diesels, are impacting our growth".
Meanwhile, 362 permanent staff will be transferred from another West Midlands site, at Castle Bromwich, to Solihull. India is also looking at stopping the sale of diesel and petrol cars by 2030. Diesel demand fell by 37.2% last month.
Stock under Consideration- US Bancorp (USB)
Bancorp has a twelve month low of $49.03 and a twelve month high of $58.50. 79,500 are held by Virginia Retirement Systems Et Al. Several large investors have recently bought and sold shares of USB . 118 funds acquired stakes and 361 increased stakes.
The uncertainty of Brexit has also led to falling of auto registrations in United Kingdom which has been a constant trend for the past year. It is scheduled to depart on March 29, 2019.
Shares of Tata Motors on the Indian exchanges today settled almost 5 per cent down on JLR's job cut plans in the UK.
On NSE, the stock opened at Rs 350.80, then fell to an intra-day low of Rs 340.70, down 4.57 per cent over its last close. Earlier this year, JLR had already reduced the production at the Halewood plant due to weakening demand and also the hike in tax on diesel cars.
IPL 2018 | All-round Knight Riders outclass Daredevils in Eden Gardens
Initially, it seemed he had made the right decision as Trent Boult bowled a maiden in the very first over. Earlier, it was a Russell show in the middle overs that lifted KKR to 200 after a slow start.
Commenting on JLR's decision, Professor of industry, David Bailey, from Aston University, said: "With the big turn against diesel engines, Jaguar Land Rover is particularly exposed as more than 90 per cent of its United Kingdom sales are diesels". Additionally, even the uncertainty of Brexit is being seen as one of the reasons.