Ford sells Jaguar, Land Rover to Tata

[ginz111]

By TOM KRISHER, AP Auto Writer   

DETROIT - Ford Motor Co. is selling its Jaguar and Land Rover businesses to India's Tata Motors Ltd. in a $2.3 billion deal — less than half the price that the struggling Ford paid for the two luxury brands.

The deal announced Wednesday will expand the Indian carmaker's reach around the globe.

Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. But it has been struggling and wants to focus on its main brands.

Tata said it doesn't anticipate any significant changes to the work force at Jaguar and Land Rover. The sides had been expected to agree to keep the British work force around the current 15,300.

Tata said the transfer of the brands would take place the end of the second quarter.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

DETROIT (AP) — India's Tata Motors Ltd. says it will acquire British automakers Jaguar and Land Rover from Ford Motor Co. for $2.3 billion — less than half of what Ford paid for the two luxury brands.

Tata made the long-expected announcement in a statement Wednesday morning. The deal will extend its reach around the globe.

Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000. But it has been struggling and wants to focus on its main brands.

[Polish Guy]

 

[LSixer]

Thats been in the works for some time now. Now the cars are going to have little labels that say "Made in India" stamped on the dash board. 

Might as well just shut them down now.

[S POWRD]

 

Great move on Ford's part... how many Jags and Rovers do you see on the road? Ford should have shut them down when they bought them and used their plants for Euro Ford manufacturing.

[TTaM]

 

Great move on Ford's part... how many Jags and Rovers do you see on the road? Ford should have shut them down when they bought them and used their plants for Euro Ford manufacturing.

Huh? I see probably 20+ Range Rovers/Land Rovers a day, and probably 10+ Jags a day. Ford lost big here, seeing as how they spent $5 Billion on them not too long ago.

The cars will still be made in England. A Malaysian company owns Lotus, last time I checked it still says Made in England.

[JVC]

Why couldn't they sell Volvo?!

[EtanClan]

Why couldn't they sell Volvo?!

I know... but then again I wouldn't want Volvo going to India.