Ford CEO Alan Mulally has said the Ford could announce the sale of its Jaguar and Land Rover brands by the end of the year.

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Reuters reported that he said yesterday: “We will probably have something to announce by the end of this year, toward the first part of next year.”


Mulally was speaking at a ceremony marking the formal signing of the four-year labor contract reached last month with the United Auto Workers union.


Ford has narrowed the auction of Jaguar and Land Rover to three bids, the report said.


The remaining bidders include Tata Motors and rival Mahindra & Mahindra which has teamed up with buyout firm Apollo. One Equity is the other bidder.


Mulally also said the automaker has made a ‘significant improvement’ in the competitive gap with Asian automakers with the new labour contract.


Ford Chairman Bill Ford reportedly said the company will respond to new fuel economy standards passed last week by the US Congress.


“We have to do it,” Bill Ford reportedly said, but added that meeting the goal would be a stretch.

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