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Report: Jaguar Land Rover set to cut up to 5,000 jobs in 2019

Jaguar Land Rover Automotive PLC could cut up to 5,000 jobs in 2019 as part of a £2.5 billion cost-cutting drive, the Financial Times reported Dec. 16.

The decision comes amid the company seeks to tackle falling diesel demand, slow sales in China and cope with uncertainty surrounding Britain's imminent departure from the European Union.

The Tata Motors Ltd. subsidiary will reportedly outline its short-term plans in January, including potential job losses, the newspaper reported. JLR's parent hired Boston Consulting Group to draw up turnaround plans, three sources told the Financial Times.

Jaguar Land Rover, in a statement sent to S&P Global Market Intelligence, said it was aware of press reports of forthcoming job cuts but said it would not comment on rumors surrounding its "transformation programmes."

The turnaround will be split into two efforts: Project Charge, aimed at generating cost savings in the short term, and Project Accelerate for medium-term targets.

The company announced 250 redundancies in late November at its Solihull plant in the U.K. and put 500 workers on temporary leave at another in Wolverhampton.

Analyst Robin Zhu told the Financial Times that it was a "do or die at the moment" for the company, which posted losses of £211 million and £102 million in the last two quarters.