Thursday, July 26, 2007

Ford talking with buyers for Jaguar, Land Rover

Dale Jewett and Amy Wilson
Automotive News
July 26, 2007 - 7:20 am
UPDATED: 7/26/2007 9:33 A.M.

DETROIT -- Ford Motor Co. confirmed today that it is seriously looking at selling Jaguar and Land Rover, and is talking with interested buyers.

Ford "is currently exploring in greater detail the potential sale of the combined business," the automaker said in a statement.

“We have concluded that it is probable that these operations will be sold,” Ford CEO Alan Mulally said today in a conference call with journalists.

Ford also confirmed it is conducting a strategic review of the Volvo business. It said that review would likely be finished by the end of this year.

Ford also said today that it posted a profit of $750 million for the second quarter, compared with a $317 million loss a year earlier.

Revenues for the second quarter totaled $44.2 billion, up from $41.9 billion in the second quarter of 2006.

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