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The luxury car sector has not escaped the turmoil caused by the Covid-19 pandemic. Last Friday, British luxury car manufacturers Jaguar Land Rover and Bentley simultaneously announced that they would raise $704.5 million for the former and lay off a quarter of its staff for the latter.
The Indian company Tata Motors, the parent company of Jaguar Land Rover, announced that the brand had obtained a loan of 560 million pounds ($704.5 million). As the financial health of the British carmaker has been affected by the global economic situation, it has been ineligible for loans from the UK government.
This is the first loan taken out by the brand from structures in the Middle Kingdom. Jaguar Land Rover Vice President and Chief Financial Officer of China Arthur Yu said the three-year revolving loan was taken out with the Bank of China, ICBC, China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank.
This fundraising comes at a time when global car manufacturers’ supply chains and sales are facing major difficulties due to the health crisis. Sales from China, which accounted for 25-30% of Jaguar Land Rover sales worldwide, have increased to 50% in the last two months.
For its part, the luxury car manufacturer Bentley has been forced to cut 1,000 jobs due to the decline in activity caused by the pandemic.
The brand, which belongs to the German Volkswagen group, employed 4 200 people in its stronghold in the United Kingdom. It states in a press release that it has proposed voluntary redundancies but does not rule out laying off more employees.
“Losing colleagues is not something we take lightly, but it is a necessary measure to protect the vast majority of the jobs that remain,” said Adrian Hallmark, CEO of Bentley.
“This is a black week for the British auto industry,” which “is strong but not invincible,” says Mike Hawes, executive director of the SMMT industry association.
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The luxury car sector has not escaped the turmoil caused by the Covid-19 pandemic. Last Friday, British luxury car manufacturers Jaguar Land Rover and Bentley simultaneously announced that they would raise $704.5 million for the former and lay off a quarter of its staff for the latter. […]
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The luxury car sector has not escaped the turmoil caused by the Covid-19 pandemic. Last Friday, British luxury car manufacturers Jaguar Land Rover and Bentley simultaneously announced that they would raise $704.5 million for the former and lay off a quarter of its staff for the latter. […]
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