Luxury car maker Jaguar said today it is taking measures to reduce costs by cutting 450 jobs and not giving any bonuses to managers this year deferring their salary increases until October.

The company, which was sold to Tata Motors in June last year, cited a severe reduction in demand for new cars.

Jaguar had reported an increase of 8.7 percent in sales in 2008, but in December the company sold 9.4 percent less than the same month in 2007.

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