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Jaguar/Land Rover sale a done deal, Tata names new CEO
At Jaguar Land Rover, things seem to be business as usual. The company has announced that its new proud papa, Tata Motors, has named former CFO David Smith the new CEO for Jaguar and Land Rover. You may recall the untimely death of Geoff Polites, the company's previous CEO. Today's announcement of Smith's new appointment comes right on schedule based on past information provided by the company. Smith has already been the acting CEO since Polites' death late last April.
[Sources: Ford and Automotive News - sub. req'd]
PRESS RELEASE
STATEMENT: FORD MOTOR COMPANY COMPLETES THE SALE OF JAGUAR LAND ROVER TO TATA MOTORS
DEARBORN, Mich., June 2, 2008 – Ford Motor Company [NYSE: F] has today completed the sale of its Jaguar Land Rover operations to Tata Motors.
The sale is the culmination of Ford's decision last August to explore strategic options for the Jaguar Land Rover business, as the company accelerates its focus on its core Ford brand and "One Ford" global transformation. It also allows Jaguar Land Rover to focus on delivering what is best for its business.
As part of the overall sale agreement between Ford and Tata Motors, Ford will continue to supply Jaguar Land Rover with engines, stampings and technology, including a range of environmental technologies.
Ford Motor Company wishes the Jaguar Land Rover management team, its employees and the new owners every success for the future.
Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, United States, manufactures or distributes automobiles in 200 markets across six continents. With about 230,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.
Safe Harbor
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts and assumptions by management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated. We cannot be certain that any expectation, forecast or assumption made by management in preparing these forward-looking statements will prove accurate, or that any projection will be realized. More detailed information about these and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise.
Reader Comments (Page 1 of 1)
zmf001 2:12PM (6/02/2008)
I look forward to seeing the progress that Tata can make. Jag has some promise with their new models, and I think they are on the right track.
As for Land Rover ... not sure what the plan is there. I guess the typical Land Rover/Range Rover buyer will still buy one, even with fuel prices and a weak economy.
I wish Tata the best of Luck, and I will be watching for a Jag that peaks my interest during future car shopping.
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DDL 2:19PM (6/02/2008)
Not gone from the Ford website yet, however.
I seem to recall that Aston Martin disappeared almost instantly.
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Sandy 4:52PM (8/15/2008)
Who owns Aston Martin, now-a-days ?
To me, the Jag has always been THE car for the people 3rd, 4th or 5th generation money. The kid who got great grades, went to law school, became a NYC lawyer with a speciality, marries a woman who is a CPA - they buy a BMW/Mercedes/Audi/
But the guy that goes into the corporation his great grandfather started, handed it down to his grandfather, then to his father & now it's his corporation, plays a wicked game of gold, has house keepers, a Russian WolfHound, and typically vacations in France, HE is THE one with the Jaguar.
Jose 3:23PM (6/02/2008)
They are now gone from the Ford media website.
Xcountryflyer 2:19PM (6/02/2008)
Just as Jaguar seems to be turning a corner, Ford dumps it after investing all that money in it. Tata's gain.
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psu48187 3:02PM (6/02/2008)
How long has Jaguar posted a profit? How long will that last? Obviously if the company dumped both brands on the cheap (and lost money, a lot of money), there must have been the writing on the wall.
As far as I am concerned good luck and good bye. I love both brands, but they are a handful.
The Doctor 3:01PM (6/02/2008)
Ford's biggest problem was that when it bought Jaguar and Land Rover in '90, their production facilities and techniques would probably have been very familiar to Brunel and Telford. Most of Ford's cash, therefore, went in trying to drag the factories into the 20th century and by the time that was done (and it was) there was no money left over for things such as new engines and chassis.
Hopefully, Tata will dig deep and give the engineers the resources they've lacked for the last 18 years.
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_Jon 3:26PM (6/02/2008)
Ford will still be supplying parts (engines and such) for quite a few years. So, friends or not, they are still business partners.
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Kkakear@aol.com 6:14PM (6/02/2008)
Sandy: You don't have a clue whom drives the Leaping One!
I am first generation money Jag owner and I don't care to be another mindless BMW/ Benz/Audi driver. It seems everyone and their housekeepers and Russian Elkhounds drive one of those fine makes. Most of the folks whom I've met at the Jag dealer are old money NYC lawyers. My neighbor, the Fortune 1000 CPA drives a Chevy S10!
BTW, what do you drive? I'm guessing something small, old and domestic!
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Sandy 4:56PM (8/15/2008)
2003 Town Car Limited Ed.
11,000 mies.
Not Small
Not Old
and yes, of course
Domestic.
Avinash machado 12:14AM (6/03/2008)
It is too early to tell how the Tata deal will work out. They need to bring Jaguar to profitability and improve reliability at Land Rover. At least they do have the funds now.
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