Jaguar Land Rover, Britain's largest automaker, announced on Monday that it will eliminate 4,000 jobs across its global workforce over the next two years as part of a sweeping cost-reduction drive aimed at keeping pace with the rapid rise of Chinese electric vehicle manufacturers. The company, which produces the Range Rover, Discovery and other premium SUVs, is targeting £1.7 billion (around $2.3 billion) in savings to fund an investment programme of £15–18 billion over five years in electrification and digital technologies.

Chief executive PB Balaji acknowledged the scale of the challenge facing the industry.