- Tata Motors Ltd’s TTM Jaguar Land Rover slashed vehicle output in the U.K. through March as it prioritized higher-margin models to beat the semiconductor crisis, Bloomberg reports.
- The loss-making manufacturer will cut production of the Range Rover Velar and Jaguar F-Pace models made in Solihull while ramping up the output of its most lucrative models, the Range Rover and Range Rover Sport.
- JLR may also reduce production at its Halewood plant, where it makes the more affordable Evoque and Discovery Sport models.
- Also Read: Jaguar Land Rover Braced To Recruit Twitter And Facebook’s Ousted Workers
- The company expects rising deliveries during JLR’s fiscal second half, which runs through March, as new agreements with semiconductor partners take effect.
- Production at JLR’s Nitra plant in Slovakia, where the carmaker makes the best-selling Defender SUV, is unaffected.
- JLR does not plan to cut any jobs at its U.K. plants due to the reduced production as it prepares to ramp back up when chip supplies normalize.
- Semiconductor shortages have left customers for the latest generation Range Rovers waiting more than a year for their vehicles, with sales suspended for some variants.
- In the quarter that ended September, the carmaker reported deliveries to dealerships that trailed guidance by 17%.
- Earlier this month, JLR CEO Thierry Bollore resigned from the luxury carmaker just two years after he took on the role.
- Price Action: TTM shares closed higher by 1.89% at $26.41 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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