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Jaguar Land Rover reduced its inventories by £405 million in its third quarter as part of its Project Change programme, which also reduced operating costs by £154 million and investment by £200 million.

Chief executive Professor Sir Ralf Speth said that “the cost and cash flow achievements” of Project Charge would support the next phase of its pipeline of electrified, petrol and diesel powertrains.

JLR’s Solihull factory

To date Project Change has delivered cost and cashflow improvements to £2.9 billion, exceeding its £2.5 billion target three months ahead of schedule. The company has now embarked on ‘Project Charge +’, the next phase of Project Charge, which will primarily target cost savings.

The target is to deliver a further £1.1 billion of cost and cashflow improvements for a total of £4 billion of improvements by March 2021.

However, the automotive manufacturer warned that the outbreak of the coronavirus in China could have some impact on it achieving an EBIT margin of 3% in its financial year-ending 31 March 2020.

In November 2019 Jaguar Land Rover won The Voiteq Award for Supply Chain Visibility at the Supply Chain Excellence Awards.