It's about to be sad times at Jaguar Land Rover if a report published Sunday by the Financial Times is accurate: The Indian-owned British car and SUV maker is reportedly slashing 5,000 jobs from its 40,000-employee workforce.

According to the FT report, the cuts will be officially announced in January as part of a three-year cost-cutting program to help the company recover from the effects of trade frictions between the US and China as well as the problems caused by the UK's potential no-deal exit from the European Union.

Jaguar's CEO Ralf Speth cautioned UK Prime Minister Theresa May that a bad Brexit deal could be ruinous for the company, costing tens of thousands of British jobs and billions of pounds in revenue. In addition to the rumored cuts to staff, JLR plans to find other efficiencies and liquidate other assets in order to save itself over $3 billion over the next three years to help offset things.

The luxury carmaker is no stranger to financial struggles, but things have been going relatively well for both Jaguar and Land Rover since Indian carmaker Tata bought them from Ford a decade ago with a refreshed and well-received product line which has included the F-Type and the new I-Pace electric SUV.