Ford built up a collection of luxury brands over three decades. Now it's auctioning the brands off. A top union in the United Kingdom, Unite...
Ford built up a collection of luxury brands over three decades. Now it’s auctioning the brands off.
A top union in the United Kingdom, Unite, says Ford may announce the sale of British-based Jaguar and Land Rover to India’s Tata Motors in the week ahead.
Ford, which has confirmed it intends to sell the brands, could fetch $1.5 billion to $2 billion for both, people familiar with the talks say. It bought Jaguar for $2.5 billion in 1989, and Land Rover for $2.7 billion in 2000.
Ford needs money from the sales to sustain its core Ford, Mercury and Lincoln brands as it burns $12 billion to $14 billion in cash this year for labor and production.
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Ford has said it intends to keep Volvo for now, reducing costs and restoring its cachet.
Analysts see challenges; sales figures from February may drop 15 percent, says Lehman analyst Brian Johnson.