U.S. markets closed
  • S&P 500

    4,136.48
    -43.28 (-1.04%)
     
  • Dow 30

    33,926.01
    -127.93 (-0.38%)
     
  • Nasdaq

    12,006.96
    -193.86 (-1.59%)
     
  • Russell 2000

    1,985.53
    -15.69 (-0.78%)
     
  • Crude Oil

    73.23
    -2.65 (-3.49%)
     
  • Gold

    1,865.90
    -50.40 (-2.63%)
     
  • Silver

    22.40
    -1.22 (-5.17%)
     
  • EUR/USD

    1.0798
    -0.0113 (-1.04%)
     
  • 10-Yr Bond

    3.5320
    +0.1360 (+4.00%)
     
  • GBP/USD

    1.2056
    -0.0173 (-1.41%)
     
  • USD/JPY

    131.1500
    +2.5460 (+1.98%)
     
  • BTC-USD

    23,317.94
    -101.40 (-0.43%)
     
  • CMC Crypto 200

    535.42
    -1.43 (-0.27%)
     
  • FTSE 100

    7,901.80
    +81.64 (+1.04%)
     
  • Nikkei 225

    27,509.46
    +107.41 (+0.39%)
     

Premium Car Maker Jaguar Land Rover Trims Output To Counter Chip Crisis

  • Tata Motors Ltd’s (NYSE: TTM) Jaguar Land Rover slashed vehicle output in the U.K. through March as it prioritized higher-margin models to beat the semiconductor crisis, Bloomberg reports.

  • The loss-making manufacturer will cut production of the Range Rover Velar and Jaguar F-Pace models made in Solihull while ramping up the output of its most lucrative models, the Range Rover and Range Rover Sport.

  • JLR may also reduce production at its Halewood plant, where it makes the more affordable Evoque and Discovery Sport models.

  • Also Read: Jaguar Land Rover Braced To Recruit Twitter And Facebook’s Ousted Workers

  • The company expects rising deliveries during JLR’s fiscal second half, which runs through March, as new agreements with semiconductor partners take effect.

  • Production at JLR’s Nitra plant in Slovakia, where the carmaker makes the best-selling Defender SUV, is unaffected.

  • JLR does not plan to cut any jobs at its U.K. plants due to the reduced production as it prepares to ramp back up when chip supplies normalize.

  • Semiconductor shortages have left customers for the latest generation Range Rovers waiting more than a year for their vehicles, with sales suspended for some variants.

  • In the quarter that ended September, the carmaker reported deliveries to dealerships that trailed guidance by 17%.

  • Earlier this month, JLR CEO Thierry Bollore resigned from the luxury carmaker just two years after he took on the role.

  • Price Action: TTM shares closed higher by 1.89% at $26.41 on the last check Friday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.