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SEARCHLONDON - Ford Motor Co. said Tuesday it was reviewing its position on Jaguar and Land Rover, and union officials pressed for more information amid reports that the two brands were up for sale.
LONDON - Ford Motor Co. said Tuesday it was reviewing its position on Jaguar and Land Rover, and union officials pressed for more information amid reports that the two brands were up for sale.
John Gardiner, a spokesman for Ford’s Premier Automotive Group which, includes the two brands, said Ford had been reviewing all of its operations for a year.
“We are working with our financial advisers on the best options for Jaguar and Land Rover, and nothing is ruled out,” Gardiner said. He added that there was no time frame for making a decision.
Ford’s review of the two brands comes as it is struggling to return to profitability in the face of fierce competition from Asian automakers and changing tastes for more fuel-efficient models in its key North American market.
Prime Minister Tony Blair’s office said it was in touch with Ford about the review.
Land Rover and Jaguar are part of Ford’s Premier Auto Group, which also includes Volvo. Ford sold Aston Martin, another part of the group, for $848 million in March.
Ford posted a narrower loss of $282 million for the first quarter. The Premier Automotive Group reported a record pretax profit of $402 million for the quarter due largely to Volvo. Ford bought Jaguar in 1989 and Land Rover in 2000.
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