Ford still expects to sell Jaguar, Land Rover by early 2008
Ford Motor Co. does not plan to retain a stake in its Jaguar and Land
Rover brands once those properties are sold, according to Lewis Booth,
the head of the automaker's European operations.
Addressing analysts in Frankfurt earlier today, Booth said Ford hopes to
complete the sale of its two British luxury brands by the end of the
year -- or the beginning of 2008 at the latest. Sources close to the
situation told The Detroit News that Ford has asked prospective
purchasers to submit their final bids by the end of this month.
"We're selling the business because we need the money and we need the
focus," Booth said. "So, we're not going out there with the intention of
keeping an equity stake."
Booth added that Ford is continuing its "strategic review" of its other
European luxury brand, Sweden's Volvo, and hopes to complete that
process by year end.
Ford CEO Alan Mulally has said Ford does not need a global luxury brand
to compete internationally, and instead wants to focus on reviving the
company's core Blue Oval brand.