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Auto Express Car Reviews
Jaguar and Land Rover sold
Both Jaguar and Land Rover go under the hammer.
26th March 2008
The deal is finally done – Ford has sold Jaguar and Land Rover to Indian giant Tata for an estimated £1 billion.
Following lengthy negotiations that date back to June last year, India’s biggest car manufacturer has secured two of the most famous names in British motoring history. Between them, the two firms employ around 16,000 people at plants in the West Midlands and Merseyside.
Despite having factories in India, company bosses at Tata have assured workers at the UK plants that there are no plans to relocate them. In fact, it is understood that the new owners will stick to an existing five-year investment plan that Ford has already started. Also included will be a £300 million injection of funds into company pension schemes by the blue oval before it hands over control.
Despite exciting new models such as the XF, returning Jaguar to profitability will be Tata’s biggest challenge. The Coventry-based firm was purchased by Ford in 1989 and has failed to return a profit since. Land Rover, on the other hand, has been one of the blue oval’s more successful brands since it snapped it up for £2.73 billion in 2000.
Following lengthy negotiations that date back to June last year, India’s biggest car manufacturer has secured two of the most famous names in British motoring history. Between them, the two firms employ around 16,000 people at plants in the West Midlands and Merseyside.
Despite having factories in India, company bosses at Tata have assured workers at the UK plants that there are no plans to relocate them. In fact, it is understood that the new owners will stick to an existing five-year investment plan that Ford has already started. Also included will be a £300 million injection of funds into company pension schemes by the blue oval before it hands over control.
Despite exciting new models such as the XF, returning Jaguar to profitability will be Tata’s biggest challenge. The Coventry-based firm was purchased by Ford in 1989 and has failed to return a profit since. Land Rover, on the other hand, has been one of the blue oval’s more successful brands since it snapped it up for £2.73 billion in 2000.
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