Jaguar Land Rover is looking for investors after huge lossesFebruary 16, 2019
As it became known after the publication of the official financial report with large losses, the company intends to raise about $ 1 billion in the next 14 months.
Attracting an investment of $ 1 billion will allow the company to compensate for the immediate payment on the bonds, as well as continue to invest in electric cars. This became known just a few days after the publication of a very sad financial report.
“At present, market conditions are generally less favorable, and our bonds are trading below par, reflecting our recent financial results,” said Treasurer Ben Birgbauer on the phone. “We have always noted that we are tracking the debt market and expect to pay off debt when market conditions become more favorable.”
Last week, Jaguar Land Rover announced a loss of 3.4 billion pounds (US $ 4.38 billion at the current exchange rate), which occurred after a 35 percent drop in sales in China, which is currently the largest automotive market in the world. Also as part of business optimization, the company is in the process of reducing about 10% of its employees (4,500 people).
The ability of Jaguar Land Rover to cope with difficulties in China is crucial for its development, but the company does not know when sales in the country will start to grow.
Meanwhile, Jaguar Land Rover withdraws its SUVs from the Chinese market. The review turned out to be quite small, but the problem, due to which the car needed repair, is quite serious. Due to one faulty unit, the engine of these premium SUVs may stall at any time.
- Shooting Brake Bentley Continental GT images appear on the web
- Lexus sports series founder resigns
- German car market falls due to coronavirus
- Volvo and Jaguar Land Rover help medical sector
- Coronavirus adversely affected Volvo sales