Jaguar Land Rover has opened a voluntary redundancy program for salaried and management employees as part of a plan to cut about $2.3 billion in costs over the next two years. 

The company is targeting around 4,000 job cuts globally, although the reductions are expected to focus mainly on non-manufacturing positions rather than factory assembly workers. 

JLR says it wants to simplify its operations, improve efficiency and lower its annual break-even point to roughly 300,000 vehicles as it faces intense competition and changing conditions in the global auto industry.

The company has been hit by weaker sales, competition from lower-cost Chinese electric vehicles, U.S. tariffs and the financial effects of a major cyberattack that disrupted production last year, Fox Business has reported.

Despite the cuts, JLR plans to invest £15 billion to £18 billion over the next five years in electric vehicles, digital technology and manufacturing, while launching five new products over the next year.