Jaguar Land Rover ‘is not for sale’, says boss
The chief executive of Jaguar Land Rover has dismissed rumours that the British firm will be sold to any other car manufacturing group.
Speaking at a media lunch, Ralph Speth told Auto Express magazine that “Jaguar Land Rover is not for sale”.
He said: “We are owned by Tata of India. This is the way things will stay. Tata – with Jaguar and Land Rover – is a leader, producing leading products that have won a total of six World Car Awards in the last three years.”
The news comes following intense media speculation that JLR could be sold to French manufacturer Groupe PSA, which owns Citroen, Peugeot, DS Automobiles, Opel and Vauxhall. In May, the Press Association (PA) was shown an internal “post-sale integration document” that outlined the benefits of the companies joining forces.
JLR and Tata have always denied the rumours, although Speth did acknowledge to Auto Express that the company was having a tough time financially, which he attributed in part to the collapse in diesel sales and heavy investment in cleaner future products.
PA reported in February that JLR revealed a hefty quarterly loss of £273m in the three months to December 31, 2018, blaming Brexit uncertainty and slowing demand in China. In addition, it wrote down the value of its plants and other assets, posting a £3.4bn loss for the quarter overall.
Speth also said that senior members of Tata were scheduled to visit the firm’s British headquarters this summer to green-light future products, including a mini Land Rover.