Honda, which has been making cars in the UK since 1992, has never had job losses before in this country, but it said demand for cars in Europe, including Spain, Italy and Greece, had fallen by a million in the past year.
"Honda remains fully committed for the long term to its UK and European manufacturing operations. However, these conditions of sustained low industry demand require us to take difficult decisions.
"We are setting the business constitution at the right level to ensure long-term stability and security."
Honda said individual discussions will be held with workers at the Swindon factory following the announcement, while union officials have been briefed about the plans.
Around 150,000 cars were built last year in Swindon, which has an annual capacity of 250,000.
A third of the cars are sold in the UK, with the rest being exported to 26 countries, mainly in Europe.
Honda builds the Jazz, Civic and CR-V models in Swindon and has grown in size since it first started manufacturing in the UK, investing more than ?2 billion.
The Society of Motor Manufacturers and Traders (SMMT) reported earlier this week that sales of new cars in the UK topped two million last year, the best since 2008.
Source: PA
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