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Tata Motors to shed 1,100 JLR jobs after pandemic hits earnings
By Chandini Monnappa and Aditi Shah
BENGALURU (Reuters) - India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak.
Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved.
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Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021.
The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR.
Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31.
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https://finance.yahoo.com/news/jlr-paren...31386.html
![[Bild: TTMc1dl1707.png]](https://finviz.com/publish/061920/TTMc1dl1707.png)
By Chandini Monnappa and Aditi Shah
BENGALURU (Reuters) - India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak.
Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker's Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved.
...
Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021.
The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR.
Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31.
...
https://finance.yahoo.com/news/jlr-paren...31386.html
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