Jaguar Land Rover has today (24 September) unveiled details of a new business plan including further investment in UK production facilities and an expansion of its product line-up into new segments.
The plan includes decisive action to see the company through the next 12 to 18 months, increase its global competitiveness, drive growth and sustained profitability and respond to the challenges of climate change.
Among the announcement is the confirmation that the LRX concept car will be put into production, starting at the company’s Halewood plant next year. Designed and built in the UK, the LRX will be the smallest, most fuel-efficient Range Rover ever and will lead to the creation of a further 800 jobs.
Across both the Jaguar and Land Rover brands, special attention will be paid to design, performance and technological innovations. To help achieve the medium and long-term plans, the company has secured £800 million in investment funds, supported in part by the European Investment Bank.
Improving efficiency and cost, the company has announced that West Midlands manufacturing will transfer from two plants to one by the middle of the next decade. Further cost reductions include pension restructuring, lower employment costs for new hires and a focus on IT and business simplification. However, these steps combined with the anticipated volume growth, are expected to make compulsory redundancies avoidable.
Jaguar Land Rover chief executive, David Smith, said, “This is a plan that recognises theimpact the economic collapse has had on our business, and at the same time the opportunities that lie ahead for these two great brands. We are confident that a new more efficient and competitive structure combined with future investment will unlock the true potential of this business.”
