Jaguar Land Rover is readying a new plan that will see them cut 4.5 billion pounds (about $6.8 billion) in costs by 2020. According to Reuters, the plan dubbed Leap 4.5 will see the British automaker consolidate models to a small number of core platforms, overhauling the supply chain, and slow down/stop recruiting new people to the company. At the current time, there are no plans to layoff people.

Why is Jaguar Land Rover putting forth this program? It comes down to the automaker's fastest growing market, China. Sales in the second quarter of this year dropped 32 percent due to a number of economic issues in the country, which has affected the demand for new cars.

Source: Reuters