Thierry Bolloré joins Jaguar Land Rover. The former Renault manager takes up his new role as CEO of the British manufacturer today. With the heavy task of allowing JRL to become profitable again.
After Renault, Thierry Bolloré joined Jaguar Land Rover. And the challenges are many for the former number 2 of Renault. Jaguar Land Rover is hit hard by the coronavirus pandemic. The group recorded a loss of 500 million pounds (541 million euros) in the first quarter with sales down 30%.
But before the crisis, Jaguar, owned by Indian Tata Motors, was already in trouble. Weighted down by its excessively polluting vehicles and a sluggish Chinese market, the group announced a restructuring plan and the elimination of 5,000 jobs. Objective: to save nearly 5 billion pounds by March 2021.
A priority: electrification
It is therefore a major project that awaits Thierry Bolloré. Its priority: electrify the range to catch up with the delay in European environmental standards. And to achieve this, the new leader has no other choice than to find a partner capable of participating in the colossal investments essential to green the brand. In this context, the uncertainties linked to Brexit do not help. Since with five of its six main sites located in the United Kingdom, a no deal would imply an increase in tariffs and a loss of competitiveness.