Ford selling off Jaguar and Land Rover
According to news reports, Ford has decided to get rid of it’s two UK luxury brands -Jaguar and Land Rover. This is probably part of it’s restructuring programme. This news comes as a surprise because Ford had invested heavily on these two marques and they are doing OK. Jaguar was bought in 1980 for £1.6 billion.
Read the CNN report here.
According to the Economist, this is the latest sign that
the turnaround at the world’s third-biggest carmaker is not going well.
Workers at the Jaguar’s Whitley plant (their HQ) here in Coventry are quite worried about their job security. As much as I hate to say it, the fact is that making cars here in the UK is no longer cost effective. This news follows Peugeot’s decision to close their Ryton plant.
Latest news indicates that Cerberus, the private equity group that just bought Chrysler, has indicated interest in the companies. However, Cerberus has declined to comment. Read the report here.
Tags: binley car industry coventry ford jaguar land rover
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