Jaguar Land Rover (JLR) has confirmed it will cut 4500 people from its payroll as part of plans to bring the company back to profitability.
The British manufacturer says the job losses will be global, but it's understood most of the redundancies will occur in the UK, where the automaker employs around 43,000 people.
In the UK the company runs three car-making factories: Solihull, Castle Bromwich and Halewood. This latest round of cuts comes on top of the 1500 jobs Jaguar Land Rover cut last year. It has also shifted to a three-day week at Castle Bromwich, which builds the Jaguar XE and XF sedans.
Some of the money saved will be reinvested in the automaker's electrification drive. The company confirmed today its Wolverhampton engine factory will begin producing electric drive units (EDUs) from later this year.
These EDUs will use battery packs produced at its Hams Hall facility.
Dr Ralf Speth, Jaguar Land Rover's CEO, described today's moves as "taking decisive action to help deliver long-term growth, in the face of multiple geopolitical and regulatory disruptions as well as technology challenges facing the automotive industry".
The British automaker lost £90 million ($160 million) during the third quarter of 2018 thanks primarily to a big sales dip in China, Brexit-related woes, and reduced demand for diesel-powered vehicles and traditional sedan models.
Last month Tata, the automaker's parent company, felt compelled to counteract speculation by saying on the record it was "committed to the long-term growth and success of JLR".