The largest British car manufacturer Jaguar Land Rover reported Thursday in the third consecutive quarter at a loss. In the last quarter of 2018, the company ended with a net loss of £ 3.4 billion. Such a negative result is associated with a slowdown in the Chinese economy and a one-off impairment in the face of declining demand for the company's cars.
The company's sales have declined significantly from last year – from 154.4 thousand automobiles in the fourth quarter of 2017 to 144.6 thousand at the end of 2018. JLR increased its car sales in Europe, the United Kingdom and the United States, but the decline in demand in China it was 47%. As a result, the company was forced to reduce the value of investments in the development of new £ 3.1 billion models. But even without this write-off, the concern would have completed the quarter with a loss of £ 273 million. And the company's revenues fell from £ 6.3 billion to £ 6.2 billion.
Recall that the British manufacturer announced at the beginning of this year plans to cut 4.5 thousand employees in the program to save £ 2.5 billion.