In a referendum on June 23, 2016, the UK electorate voted to leave the European Union (EU). On March 29, 2017, the British government invoked Article 50 of the Treaty on the EU. The UK is planning to leave the EU on March 29, 2019.

Required:

Read, summarize, and explain what happened to the UK subsidiary of Tata Motors (TM), Jaguar Land Rover (JLR) right after the 2016 Brexit. How could JLR have hedged the foreign exchange risk and avoided foreign exchange losses?

For instance, see the following article: https://www.reuters.com/article/us-britain-eu-jaguarlandrover-exclusive/exclusive-jaguar-land-rover-could-face-1-billion-pound-brexit-hit-sources-idUSKCN0Z71SJ.