Jaguar Land Rover said Wednesday that it planned to let go of around 2,000 employees over the next year as its marquee luxury car gets ready for a radical transition to all electric.

"We need to reduce the cost base to achieve a lean foundation, which will allow us to transform most effectively into a more agile organization," the company said in a statement quoted by BBC News on Thursday.

The biggest British carmaker, owned by India's Tata Motors, has nearly 40,000 workforce around the globe, its 2019-20 annual report shows.

Jaguar's job cuts will be affect positions like managers, technicians, designers and administration personnel. Assembly line workers may not be included in the retrenchments.

The car builder has manufacturing facilities in Wolverhampton, Solihull and Castle Bromwich and employs more than 31,000 workers throughout the UK.

On Monday, JLR announced that Land Rover would roll out its first battery-powered vehicle in 2024 and the Jaguar brand would make only electric vehicles by the following year.

Thousands of employees have lost their jobs at JLR over the past two years in the wake of a massive drop in revenues, with the company also previously citing uncertainty brought about by Brexit.

Full production was suspended last March before JLR resumed operations at a reduced output in the summer.

JLR chief executive Thierry Bolloré revealed that the Castle Bromwich manufacturing plant will undergo a major facelift as part the company's "Reimagine" strategy in the future, while new investment will be poured to Halewood to make future electric cars.

The company said it would set aside $3.5 billion annually under the new plan, which aims for its supply chain and operations to become carbon neutral by 2039, adding it has started to notify its salaried staff regarding details of the organization review, according to BBC.