following Jaguar Land Rover sale
Manufacturer Ford
has sold two of its premium brands, Jaguar
and Land
Rover, to Indian conglomerate Tata in a deal worth $2.3bn
(£1.1bn).
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Ford said in a statement that its finance arm Ford
Motor Credit would continue to provide financing for Jaguar and
Land Rover dealers and customers for a transitional period of “up
to 12 months”.
Referring to this arrangement, as well as to agreements between
Tata and Ford for the latter to continue to provide components,
technologies, R&D, IT, accounting and engineering support to
its former brands for “differing periods”, Ford added: “The parties
believe these arrangements will support Jaguar Land Rover’s current
product plans, while providing Jaguar Land Rover freedom to develop
its own stand-alone capabilities in the future that will best serve
its premium manufacturer requirements.”
Ratan Tata, chairman of Tata Sons and Tata Motors commented: “We
are very pleased at the prospect of Jaguar and Land Rover being a
significant part of our automotive business. We have enormous
respect for the two brands and will endeavour to preserve and build
on their heritage and competitiveness, keeping their identities
intact.
“We aim to support their growth, while holding true to our
principles of allowing the management and employees to bring their
experience and expertise to bear on the growth of the
business.”
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By GlobalDataMotor Finance Issue: 41 – March 08
Published for the web: March 27 08 16:7
