JLR posts £451m quarterly loss after restructuring and 4,000 job cuts

Jaguar Land Rover reported a £451m loss for the July to September quarter, as it absorbed the cost of cutting 4,000 jobs amid difficult trading. Chief executive PB Balaji also urged the UK and EU to co-operate as Chinese electric carmakers intensify competition, arguing that new trade barriers could hinder the development of the electric vehicle industry.

Revenue rose to £5.9bn, but the company recorded £530m in restructuring costs and said it would make an operating profit if those costs were excluded. JLR expects most job cuts to come through voluntary redundancies, with 3,000 confirmed and most of those workers due to leave at the end of November. The industry is pressing for a delay to post-Brexit rules due in January that could bring 10% tariffs on some UK-EU electric cars using Asian batteries; the EU is also considering rules that could exclude UK-made cars from subsidies.