JLR CEO Dr. Ralph Speth admitted that the car manufacturer is going through a difficult financial period but insists that, contrary to speculation, it is not for sale.
Dr. Speth spoke with Auto Express at the recent World Car Awards ceremony and commented that, just because an automaker is going through a rough financial patch, it doesn’t mean it is up for sale. He added that companies like Peugeot-Citroen and FCA have been in tough situations in the past and, if JLR had wanted to, it could have actually purchased them.
“Today it’s very simple. Jaguar Land Rover is not for sale,” he said firmly. “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.”
Also Read: Tata Motors Adamant It Won’t Sell Jaguar Land Rover To PSA Group
Jaguar Land Rover has been hurt by the declining popularity of its diesel models and its multi-billion-dollar spending plans on future vehicles. Additionally, Brexit-related issues and falling sales in China contributed to severe losses last year.
Reports about Tata selling JLR reached their highest point a couple of months ago, when the PSA Group indicated that it could be interested in acquiring the two British car manufacturers if the opportunity arose. Tata soon revealed that there was no truth to the rumors.
Jaguar Land Rover says it needs to raise approximately $1 billion within 14 months to replace maturing bonds and fund investment into electric vehicles.
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