FEBRUARY 14, 2003
Ford aims for cost-cutting at Jaguar
The Ford Motor Company has announced plans to slow its expansion of its luxury brands and switch the emphasis to cutting costs. The plan, announced by Mark Fields, the chief executive of the Premier Automotive Group, includes a revamp of the management which sees Jaguar and Land Rover brought under the same management. Bob Dover has been named as the new chairman of Jaguar Cars. The need to cut back has been occasioned by the current economic problems and come in spite of Jaguar sales having increased dramatically in recent years. They were not however as strong as had been forecast.
The news is certain to add to the pressure on Jaguar Racing to perform and produce good results for the company or face either sale or closure.