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Similar to the setup of Ford in the much celebrated big three auto bailout, Jaguar Land Rover of Britain announced that they do not need government bailout. Rather, like Ford, they would need credit flowing again either from direct lending or state-backed loans.

The company, part of India’s Tata Motors , axed 450 jobs last week due to falling demand.

“We are clearly in very difficult times, in difficult trading conditions,” Chief Executive David Smith told Sky News.

Smith said he would also like the government to consider short-term funding to subsidise layoffs similar to those being requested in the Netherlands by Tata’s Anglo-Dutch steel production unit Corus .

Tata bought Jaguar and Land Rover from Ford in June last year for about $2.3 billion (S$3.4 billion). The company has four sites in the West Midlands region and one at Halewood, northwest England.

(Source) Asiaone Motoring