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Jaguar Land Rover will announce plans early next year to cut thousands of jobs as part of a turnaround strategy, the Financial Times reported, citing several unidentified people close to the company.

The company in January will outline the short-term part of its plan, including job losses, the report said. In October, it outlined plans to find savings of 2.5 billion pounds, including 1 billion pounds of cost reductions within 18 months, without saying how many jobs would be lost, the FT said.

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