The boss of Jaguar Land Rover’s parent company, Tata Motors, has dismissed reports that it is looking to sell the British car firm, saying it is “committed” to its long-term growth. Jaguar Land Rover has been hit by falling demand for saloons and diesel cars, along with declining sales in China, and posted a £90 million loss in the third quarter of 2018. It is about to embark on a £2.5 billion restructuring, which will reportedly include the loss of up to 5000 jobs.
In response to the recent speculations, Tata Motors has released an official statement to confirm its committed stand on the long-term future of Jaguar Land Rover. N Chandrasekaran, Chairman of Tata Motors and JLR has reassured that the group has firm plans in place despite facing global headwinds experienced by the auto industry. Natarajan Chandrasekaran, chairman of Indian firm Tata Motors and Jaguar Land Rover, has issued a statement in response to speculative stories about the future of the car maker, saying: “I would like to clarify that we remain committed to the long-term growth and success of JLR.”
He added: “JLR will continue to face global headwinds being experienced by the auto industry and, to address them, the management is taking the right steps to drive operational excellence, whilst continuing to invest in innovative products and technology to stay competitive globally. There is no truth to the rumours that Tata Motors is looking to divest our stake in JLR or discontinue the Jaguar brand.”