Jaguar Land Rover (JLR) will next year slash up to 5000 jobs as part of its turnaround plan, according to new reporting from the UK.
According to the Financial Times, the brand will announce a £2.5 billion ($4.3 billion) turnaround plan to deal with falling demand. Ralf Speth, Jaguar Land Rover CEO, announced a cost-cutting plan after posting a £90 million loss in the third quarter of 2018, but declined to provide specifics.
The FT report says job losses could "run into the thousands", with one financial analyst arguing 5000 positions are on the line.
In response, a spokesperson from Jaguar Land Rover said: "Jaguar Land Rover notes media speculation about the potential impact of its ongoing Charge and Accelerate transformation programmes".
"As announced when we published our second quarter results, these programmes aim to deliver £2.5 billion of cost, cash and profit improvements over the next two years. Jaguar Land Rover does not comment on rumours concerning any part of these plans."
Speth earlier this year told CarAdvice the main issue behind its sales struggle was "slower demand for our diesel vehicles" after Dieselgate, as part of a "perfect storm" of issues.
The ever-changing Chinese/American trade war hasn't helped either, forcing the company to pause production at its factory in Solihull, UK.
There's been talk of making Jaguar an all-electric brand in response to the sales struggles, with reports suggesting the next-generation XJ will be an all-electric alternative to the Mercedes-Benz S-Class and Bentley Flying Spur.
Under the all-EV plan, it would be joined by a rival to the Audi e-tron quattro in 2023, followed by a second-generation I-Pace in 2025. There's even talk of the F-Type being replaced with an electric sports car, too.
Initial estimates say the range could generate around 300,000 annual sales around the world, the majority of them in high-volume segments.