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In what's looking more and more like a fire sale, Ford Motor Company is reportedly set on selling off British luxury marques Jaguar and Land Rover. Having hired investment banks Goldman Sachs and Morgan Stanley to work the sale into an appealing package, it seems that Ford will cut its losses with both UK subsidiaries in an effort to raise funds for the core production.
The BBC reported that the British Government has contacted Ford concerned over the future of the 19,000 Jaguar and Land Rover employees whose jobs are suddenly at risk. And as per one BBC reporter, Ford's to blame for this dire state of affairs.
"In the case of Jaguar, Ford has turned a sleek cat into a groggy moggy," said Robert Peston,
BBC business editor.
[Source BBC via MotorAuthority].
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