Jaguar Land Rover (JLR) reported a record £3.4 billion quarterly loss in its latest results, as car sales and demand in China continues to fall.
The British carmaker, which is owned by India’s Tata Motors, posted the loss for the final quarter of 2018.
Jaguar Land Rover attributed the disappointing quarter to a slowdown in China.
With regards to outlook for the upcoming year, the company said it expects a loss.
As a result, JLR said it is looking to cut 4,500 jobs, as it looks to mitigate falling car sales.
Ultimately, car sales were down almost 10,000 during the quarter.
Ralf Speth, JLR’s chief executive, said: “Jaguar Land Rover reported strong third-quarter sales in the UK and North America but our overall performance continued to be impacted by challenging market conditions in China.”
Back in November of last year, the car manufacturer posted a loss for the third quarter, reporting a fall in sales of 13.2%.
The company revealed pre-tax losses of £90 million, again flagging falling demand in China.
Earlier in 2018, the firm announced the termination of 1,500 temporary contract jobs at its West Midland base, citing challenges relating the diesel car taxes and Brexit uncertainty.
Jaguar Land Rover was formed as part of a merger between Jaguar and Land Rover back in 2013. It was previously owned by American automative giant Ford.
Shares in Tata Motors (NSE:TATAMOTORS) are currently trading +2.63% as of 14:19PM (GMT).
