Jaguar Land Rover has reported a £3.6 billion (RM19.2 billion) loss for 2018, the largest in its history. The losses were largely due to a one-off £3.1 billion (RM16.47 billion) write-down in the value of its investments in property and machinery, which were worth far less than previously thought, according to news reports.

Excluding that, the company made a pre-tax loss of £358 million (RM1.9 billion), with revenue declining by £1.6 billion (RM8.5 billion) year-on-year to £24.2 billion (RM128.6 billion), largely due to slowing sales in China. Sales in that market dipped by 5.8% year-on-year to 578,915 units, offsetting gains made in the UK and US markets, where sales rose by 8.4% and 8.1% respectively. The automaker has also struggled to cope with falling demand for its diesel-based offerings.

The company however registered a return to profitability in the final quarter of the financial year, recording £120 million (RM637 million) in pre-tax profit. This was after it forked out £149 million (RM791.4 million) in redundancy costs when it laid off part of its workforce. It was previously reported that the company had plans to cut up to 5,000 jobs this year.

In April, the automaker ran two scheduled production pauses at its car and engine plants in Liverpool, Birmingham and Wolverhampton, the first from April 8-12 and the other on April 15-23, as part of a contingency plan against a Brexit disruption.

The company, which was acquired by Tata Motors in 2008, has also been the subject of widespread rumours that it would be sold. In this case, PSA Groupe was reported to be in advanced talks with Tata to acquire JLR, but both parties have refuted these claims, denying such a deal was on the table.