The economic crunch continues to nip away at jobs and the automotive industry is really taking a huge hit. Indian automaker Tata who owns Jaguar and Land Rover announced that 450 jobs will get the axe due to the low market demands for new cars. 300 managers and 150 agency staff will find themselves jobless soon.

To compound the bad news for the managers, Tata will not be giving managers in general any bonuses for the year and pay increases are deferred until fourth quarter this year. Jag and Land Rover Chief David Smith says that the outlook doesn’t look like things will turn around anytime soon.

Tata has taken some hard hits last year. For one, they have failed to launch the Tata Nano and got stuck in a legal row with the location of their Nano plant. Jag and Land Rover, while they still have a loyal following especially in the European market, they haven’t exactly fared too well in a global scale.