UK Luxury Carmaker Bentley Looks to Slash Up to 1,000 Jobs Amid COVID-19 Economic Crisis

MOSCOW (Sputnik) - The UK-based luxury carmaker Bentley Motors, which is owned by Germany's Volkswagen Group, will look to cut up to 1,000 jobs through a voluntary redundancy scheme amid the economic crisis caused by the coronavirus disease outbreak, the manufacturer said in a statement on Friday.

“In the interest of protecting Bentley through this immediate crisis, avoiding any further reductions in colleague numbers, and securing the company's future, Bentley is looking for as many as 1,000 colleagues to accept these terms,” Bentley said, adding that compulsory layoffs may be required in the future.

The company, which is based in the English city of Crewe, said that it would provide financial assistance to help workers that agree to leave the company voluntarily find new jobs.

Bentley has roughly 4,200 workers in the United Kingdom.

The carmaker recorded financial losses of 288 million euros ($326 million) in 2018, before recording a modest profit of 65 million euros ($73 million) a year later.

Carmakers across the world have announced cuts and layoffs amid a massive fall in demand caused by the ongoing COVID-19 pandemic. In late May, French automotive manufacturer Renault announced that it would shed 15,000 jobs as part of severe cost-cutting measures.