Ford wants a full sale of its Jaguar and Land Rover units, its European head has said.
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But Ford Europe executive vice president Lewis Booth on Wednesday said it was too soon to say if the automaker would keep a stake in the English units, the Associated Press (AP) reported.
“We’re selling the business because we need the money and we need the focus,” the news agency quoted Booth as saying during the Frankfurt show. “We’re not going out with the intention of keeping an equity stake.”
AP noted that Ford lost $US12.6bn in 2006 and has said it expects to burn up to $15bn to $16bn in cash before returning to profitability in 2009.
Booth also said the Dearborn automaker has been pleased with the interest and quality of the bidders, adding that Jaguar and Land Rover probably would be sold, with a decision expected late this year or early in 2008, AP added.
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By GlobalDataAnalysts have estimated the two units could be worth about $1.5bn, the Associated Press said.
Booth also said that Ford expects to conclude its strategic review of Volvo for potential sale by the end of this year, according to the report.
