Jaguar Land Rover (JLR) have invested $40 million into their Formula E commitments according to their financial statements, despite announcing today that they need to cut 4,500 jobs.

Analysis from Forbes showed that a total of $28.9 million had been lent to the Panasonic Jaguar Racing team in the past, which includes $16.5 million given to them for start-up costs.

A further $11.1 million was lent to them this year, bringing the overall total to $40 million since the team launched in 2016.

It comes as JLR today outlined a £2.5 billion cost-cutting plan brought on by a downturn in Chinese sales and the sales of diesel cars, and doubts about UK competitiveness brought on by Brexit.

Despite the announcement, Jaguar’s commitment to the all-electric series seems to be steadfast, with Formula E playing an important part in their marketing strategy as they aim to have an electric option on all Jaguar models by 2020.

A spokesman for Jaguar Racing also highlighted their commitment to the new Jaguar I-PACE eTrophy series, which debuted just last month.

They told Forbes, “Jaguar was the first premium manufacturer to join ABB FIA Formula E. Since then the series has gone from strength to strength and is central to our global brand strategy (Jaguar Electrifies).

“Formula E is a real world test bed for our electrification strategy and a key element to the successful launch of the Jaguar I-PACE – our first all-electric Jaguar.

“Jaguar has a long term commitment to Formula E which has now attracted major OEMs [Original Equipment Manufacturers] including Audi, BMW, Mercedes, Mahindra, Nissan and Porsche.

“This commitment has been strengthened by the introduction of the Jaguar I-PACE eTROPHY series which debuted in December – the world’s first international championship for production-based electric cars.”

The money that was given to Jaguar Racing this year was mainly spent on operating costs, which came out at $9.4 million.

The cost for designing and developing the new Gen2 car was taken on by JLR, in contrast to the year before when Jaguar incurred a cost of $5.4 million.

While this is still a fraction of the cost of running a Formula 1 outfit, the costs do show that Formula E is becoming more expensive to compete in.

Jaguar Racing had a promising start to the season in Ad Diriyah by scoring a double points finish, with the team saying that they are aiming for ‘points and podiums’ in their third season.