London Electric Vehicle Company (LEVC), a taxi company based in Coventry, is laying off more than 100 workers.
The company, which has a massive new factory in Ansty Park, has announced 140 job cuts.
As per reports, LEVC is looking for voluntary redundancies at its Coventry facility.
This, it claims, is due to the impact of the coronavirus pandemic on the industry.
It has been reported that staff at the Coventry site have been informed of the cost-cutting plan.
The company claims that the move is part of a plan to restructure the organisation in order to “focus on operational efficiencies and greater cash flow generation.”
Employees at the Coventry factory produce an electric version of the famous London taxi and staff from other parts of the UK are expected to be included in the redundancy programme.
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In a statement, LEVC said: “The plan will provide support for the business as it enters the next crucial phase of its development and a planned return to sustainable profitability and growth. The automotive industry has been heavily impacted by the pandemic, disruption to supply chains and significant global economic challenges.
“As a result of these adverse conditions, LEVC is implementing a voluntary redundancy programme to reduce its UK workforce by 140 people. This is part of a series of planned measures aimed at driving efficiencies across the company and will enable future investment into new technologies and products.”
Source: Coventry Telegraph