Riyadh, Saudi Arabia – Jaquar Land Rover is making a multi-million pound investment to build electric vehicles in Britain, in a major boost for the UK government and a sector hit by the slump in diesel sales and Brexit uncertainty.
Britain’s biggest car company, which built 30 percent of the UK’s 1.5 million cars last year, will make a range of electrified vehicles at its Castle Bromwhich plant in central England, beginning with its luxury sedan, the XJ.
“The future of mobility is electric and, as a visionary British company, we are committed to making our next generation of zero-emission vehicles in the UK”, Chief Executive Ralf Speth said on Friday.
The announcement give a boost to Britain’s automotive sector hit this year by Honda and Ford’s plans to close factories.
Jaguar Land Rover (JLR) has highlighted the dangers of a no-deal Brexit and the need to maintain frictionless trade with the European Union, echoing warnings from the industry that just-in-time production could be hit by customs delays and additional bureaucracy.
But it has signed a deal with workers at the Castle Bromwich factory to go from a five-day to a four-day working week with the same if hours which should allow the plant to operate more efficiently.
Friday’s announcement comes after a turbulent few months for Jaguar which announced around 4.500 job cuts earlier in January and posted a 3.66 billion pound ($ 4.5 billion) lost in 2018/2019.
LATEST
- BUSINESS | Malls, Private Businesses To Reopen In Dubai On WednesdayDUBAI – Dubai will allow the full reopening of malls and private business starting on Wednesday, its media office said, in the latest easing of coronavirus restrictions, the emirate’s media office announced. ‘Shopping malls and private sector businesses in the emirate will fully operate at 100 percent from Wednesday’, the Dubai Media Office tweeted on … Continue reading BUSINESS | Malls, Private Businesses To Reopen In Dubai On Wednesday
- BUSINESS NEWS | LVMH – Tiffany Deal Seen Au Uncertain: WWDPARIS – French luxury goods group LVMH’s board called a meeting in Paris to discuss its $16.2 – billion offer for Tiffany & Co amid a deteriorating situation in the U.S. market, fashion trade publication WWD reported on Tuesday, citing sources. Tiffany did not immediately respond to a request for comment and LVMH declined comment.
- BUSINESS | Saudi FX Reserve Down Sharply In April To Back Wealth Fund InvestmentsRIYADH | SAUDI ARABIA – Saudi foreign reserves dropped sharply in April for a second consecutive month as the kingdom used tens of billions of dollars to back investments of its sovereign fund abroad while its economy is hit hard by the new coronavirus. Saudi Arabia, the world’s largest oil exporter, is suffering from historic … Continue reading BUSINESS | Saudi FX Reserve Down Sharply In April To Back Wealth Fund Investments
- BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: SourcesLONDON – Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on Sunday. Algeria, which currently holds the presidency of the Organization of Petroleum Exporting Countries (OPEC), has … Continue reading BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources
- BUSINESS | Coty To Appoint Chairman Peter Harf As Its New CEO: ESJJEDDAH | SAUDI ARABIA – Coty Inc. is set to announce that Peter Harf, its current chairman, will become the cosmetics company’s new chief executive officer, replacing Pierre Laubies, that Wall Street Journal reported on Sunday, citing people familiar with the matter. Coty declined to comment on the report. Harf’s appointment would come as a … Continue reading BUSINESS | Coty To Appoint Chairman Peter Harf As Its New CEO: ESJ
- BUSINESS | ZOOM Plans To Roll Out Strong Encryption for paying customers onlyNEW YORK – Zoom, the video conferencing provider whose business had boomed with the COVID-19 pandemic, plans to strengthen encryption on video calls made by paying clients and institutions like schools, but not for users of its popular free accounts, a company official said Friday. The company previewed its intentions on a call with civil … Continue reading BUSINESS | ZOOM Plans To Roll Out Strong Encryption for paying customers only
