Jaguar, an iconic British brand now owned by Indian group Tata Motors, said on Jan. 14 it would cut 450 jobs in a bid to reduce costs.
The company added that managers would not receive any bonuses this year, with salary increases deferred until October, blaming a "severe reduction" in demand for new cars.
Tata Motors completed its $2.3 billion acquisition of Jaguar and Land Rover from Ford in June.
British Business Secretary Lord Peter Mandelson said last month that the government had held talks with Jaguar Land Rover over a possible bailout, but stressed that no decisions had yet been reached.
Copyright Agence France-Presse, 2009