Britain’s largest automotive firm lost £500m in three months as pandemic wiped out profits
Jaguar Land Rover is to cut more than 1,000 UK agency staff after losing £500m in three months due to the coronavirus pandemic.
The UK’s largest automotive company was on course to return to profit after last year’s record £3.6bn loss until the crisis took hold, wiping out its 2020 earnings in a matter of weeks.
The coronavirus lockdown has prompted some of the UK’s most prominent companies to announce large-scale job losses. The aviation, automotive and retail sectors have been among the worst hit, as businesses adjust to dramatically reduced revenue projections.
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