Thousands of employees at Britain’s Jaguar Land Rover are set to be offered voluntary redundancy packages as the luxury carmaker grapples with mounting pressure from cheaper Chinese competitors, a cyberattack and tariffs imposed by U.S. President Donald Trump.

JLR, which is owned by Indian automaker Tata Motors, is considering cutting up to 4,000 jobs over the next two years, according to The Times.

The spokesperson of JLR confirmed that the company had informed employees and trade union representatives of plans to launch a voluntary redundancy programme.

The programme will give salaried employees and members of the management team the option to leave the company.

JLR said it needed to adapt to changing global market conditions while targeting about £1.7 billion ($2.3 billion) in savings over the next two years. The company also aims to lower its break-even point to 300,000 vehicles.

“To achieve this, we must further simplify our organisation, improve efficiency, and build greater resilience,” the spokesperson said.

Shares of Tata Motors fell 0.7 per cent on Monday, although the Mumbai-listed stock has gained about 9.5 per cent since the start of the year.

JLR’s cost-cutting programme is also expected to pose a fresh challenge for Prime Minister Andy Burnham, following similar cost-reduction measures announced in recent months by British luxury carmakers Aston Martin and Bentley.