UK's Jaguar Land Rover to cut 4,000 jobs over next two years

British luxury carmaker Jaguar Land Rover said on Monday it would cut around 4,000 jobs globally over the next two years as part of a broader plan to reduce costs and improve competitiveness.

The manufacturer, which has major sites in central England, said it was targeting 1.7 billion pounds ($2.30 billion) of savings, lowering its break-even point towards 300,000 vehicles. JLR employs about 30,000 in the UK out of a global workforce of about 40,000.

Owned by India's Tata Motors, the company confirmed the cuts as finance minister John Healey delivered a speech in nearby Coventry focused on boosting economic growth.

The company said it was launching five new products over the next 12 months and that the changes would support investment of £15-18 billion over the next five years in electrification, digital technologies, advanced manufacturing and enhanced customer experiences.

Business minister Jonathan Reynolds said on Sunday he would meet Chief Executive PB Balaji this week to discuss the planned job cuts following media reports of the plans.