Why is Jaguar Land Rover reportedly laying off 4,000 employees?

Jaguar Land Rover (JLR) is reportedly planning to cut up to 4,000 UK jobs over the next two years as it looks to reduce costs amid difficult global market conditions. The company has opened a voluntary redundancy programme for salaried employees and management staff. JLR aims to save about $2.30 billion and lower its break-even point to 3,00,000 vehicles.