Wednesday, March 26, 2008
The Sun Sinks on the American Empire
Tata buys Jaguar in £1.15bn deal
Car giant Ford has sold its luxury UK-based car brands Jaguar and Land Rover to Indian company Tata.
Tata, India's biggest vehicle maker, is paying $2.3bn (£1.15bn) for the British brands after months of negotiations over price and supply relationships.
The negotiations started last June when Ford announced its intention to sell the companies as a package.
Jaguar and Land Rover employ about 16,000 staff at UK plants in the West Midlands and Merseyside.
Although Land Rover remains profitable, Ford has never managed to make money from its investment in Jaguar.
In January, Tata launched the world's cheapest car, the Nano, priced at $2,500 (£1,250).
By contrast, the starting price for Jaguar's latest sports car, the XF is more than £32,000 ($64,000). Ford bought Jaguar in 1989.
The former "colonies" selling the company to another former colony. India owns the world's most famous luxury go kart & produces a vehicle that's little more than something you could build in your garage from a kit & a lawnmower engine.
"If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be." Thomas Jefferson