Layoffs, Profit Downgrades Signal Global Economic Downturn
The U.S./China trade war has fragmented once global markets
Ford and Jaguar Land Rover unveiled sweeping job cuts across Europe on Thursday as car-makers struggle with a slump in demand for diesel vehicles, tougher emissions rules and a global economic slowdown led by China.
Tata-owned JLR, based in central England, said it will cut 4,500 out of 42,500 jobs, while Ford said it will slash “thousands” of jobs as part of an overhaul that could result in plant closures and the discontinuation of some models.
A trade war between China and the United States combined with Britain’s pending exit from the European Union has fragmented once global markets, forcing car-makers to reassess the profitability of individual models and locations.
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