Ford may sale Jaguar, Land Rover
Wednesday, June 6th, 2007Ford Motors has given Goldman Sachs Group Inc, Morgan Stanley and HSBC Holding plc a mandate to sell Jaguar & Land Rover, its two British luxury brands, according to media reports from London.
The planned sale does not include Volvo, Ford’s third premium brand, and is said to be in its early stages, the report said.
The news follows persistent speculation that Ford, which sold the Aston Martin sports car March, might look to unload the two brands as part of its drive to create a more streamlined and competitive volume car business.
Ford reported a record loss of $12.7 billion last year, is in the midst of its “Way Forward” restructuring plan, aimed at restoring its competitiveness and returning its core North American operation to profitability in 2009.