JLR in rescue talks with state for another $2 Billion loan and another $2 Billion in special programs as UK sales drop to levels last seen after WWII.
I haven't really followed global markets so I apologize to our friends outside the US as we currently manage our situation here. I do not think JLR is any different than the rest of the planet during this pandemic.
The thing to realize, at least in the US, we were not in a recession but the strongest economic job markets and financial markets we've had in history. The pandemic hit and "reaction" leading us now into a recession as a result of locking the doors overnight; if we do not get back to work as a nation and as a planet; this will be a global recession. This was event driven and the reaction or lack their off is/will lead us to recession if not changed quickly.
Key points, recessions are very much individually based for people and for businesses and to be honest, the stock market is a EKG of the richest people on the planet's feelings that day and not really anything else.
Sucks for everyone and although JLR's sales were rough before, COVID is the catalyst that is forcing this bailout. We in the US have already bailed out the biggest corporations on numerous occasions, didn't take COVID or a genius to see this coming. Meanwhile these corporations lay off their workforce and collect a bailout with little to no hope many of those jobs will come back; what's the bailout for, to capitalize on tech and replace the worker and still get paid for many of the "big" businesses who took "small" business bailout money.
Not turning this into a political speech, just saying JLR is far from being alone and if they are just getting their bailout plan now, I'd say they are about 2 months behind those in the US who have already been bailed out this year and many years before!
Of course I hope this is time for corporations like JLR to find ways to trim the fat in things that are not working and not selling; not their general workforce people but their products and the decision maker people up top who are not moving a business forward in the right direction. I would personally love to see JLR re-align their vehicle options like FORD did; stop production on any vehicle that does not sell, retrain and repurpose those assy lines and workforce to build vehicles that are selling, and then capitalize and innovate new design.
Just like I want to see the new Defender succeed, I want to see JLR succeed not only for my desire to get a great product on a vehicle I love but for the thousands of people behind the scenes who are doing just that; attempting to put together and deliver a great product to people like me who love them.
Off my soap box!