LONDON -- Jaguar Land Rover has paused some of its new model programs to help improve the automaker's finances that have been hit by factory shutdowns and sales stoppages during to the coronavirus pandemic.
"We do have some of our programs on pause," JLR Chief Financial Officer Adrian Mardell said on an earnings call on June 15.
Mardell said there was "no significant change or cancellation" of any programs but said the revised timings of those programs would depend the automaker's ability to improve its financial situation.
"We will come back later in the year once we have figured out the speed of liquidity build and affordability and what that means for those programs on pause," Mardell said.
He said he expected to lift the pauses in the second half of this year.
JLR reported a 422 million pound ($529 million) pretax loss in its 2020 fiscal year that ended March 31 after coronavirus-related factory shutdowns and reduced sales cost it 599 million pounds.
The automaker is already in the middle of a cost-cutting program after a slump in China resulted in a record pretax loss of 3.6 billion pounds during its 2019 financial year.