There were many speculations and leaks that Indian car maker Tata Motors was the front runner to purchase Jaguar and Range Rover. Both Tata and Ford denied that this was case and that an announcement would be made after the new year. So here is the official word from Ford. Tata is the favorite to purchase both luxury brands. This will give Ford Motor Company a much needed boost in money.
Tata Motors was favored by many of the principal parties involved. Mainly by the unions for the workforce at both companies in England. Ford has also stated that they are interested in keeping involved with both Jaguar and Range Rover, suppling components and engines. A similar system was set up when Ford sold Aston Martin in 2007.
There are still many hurdles to jump before all of this dust settles, and we will keep you informed with the latest developments.
Source: Detroit Free Press.
PRESS RELEASE:
STATEMENT: POTENTIAL SALE OF JAGUAR LAND ROVER
DEARBORN, Mich., Jan. 3, 2008 – The following statement is attributable to Lewis Booth, executive vice president – Ford of Europe and Premier Automotive Group (Chairman – Jaguar, Land Rover, Volvo and Ford of Europe):
"Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business."
"There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions with Tata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned."
