Ford Officially Announces Jaguar & Land Rover Sale to Tata Motors for $2.3 Billion

Ford Motor Company issued an official statement today announcing that the sale of its Jaguar and Land Rover marques to India’s Tata Motors for approximately US $2.3 billion. According to Ford, the sale is expected to close by the end of the next quarter. Upon closing, Ford will contribute up to approximately US $600 million to the Jaguar and Land Rover pension plans

As part of the deal with Tata, Ford will continue to supply Jaguar and Land Rover for differing periods with powertrains, stampings and other vehicle components, in addition to a variety of technologies, such as environmental and platform technologies. Additionally, Ford Motor Credit Company will provide financing for Jaguar and Land Rover dealers and customers during a transitional period, which can vary by market, of up to 12 months. –Continued after the jump

FORD

"Jaguar and Land Rover are terrific brands," said Alan Mulally, president and CEO, Ford Motor Company. "We are confident that they are leaving our fold with the products, plan and team to continue to thrive under Tata’s stewardship. Now, it is time for Ford to concentrate on integrating the Ford brand globally, as we implement our plan to create a strong Ford Motor Company that delivers profitable growth for all."

"This is a good agreement. It provides the Jaguar Land Rover management team and employees with the assurances needed to maintain their focus on delivering the best results for the business," said Lewis Booth, executive vice president, Ford Motor Company, who has responsibility for Ford of Europe, Volvo and Jaguar Land Rover. "I am confident that, under its new owner, Jaguar Land Rover will continue to build upon the significant improvements and product successes it has achieved in recent years."

TATA

Speaking about today’s agreement, Mr Ratan N. Tata, Chairman of Tata Sons and Tata Motors, commented: "We are very pleased at the prospect of Jaguar and Land Rover being a significant part of our automotive business. We have enormous respect for the two brands and will endeavour to preserve and build on their heritage and competitiveness, keeping their identities intact. We aim to support their growth, while holding true to our principles of allowing the management and employees to bring their experience and expertise to bear on the growth of the business."

Jaguar Land Rover’s employees, trade unions and the UK Government have been kept informed of developments as the sale process progressed and have indicated their support for the agreement.

JAGUAR & LAND ROVER

Speaking on behalf of Jaguar Land Rover, Geoff Polites, chief executive officer, said: "Jaguar Land Rover’s management team is very pleased that Ford and Tata Motors have come to an agreement today. Our team has been consulted extensively on the deal content and feels confident that it provides for the business needs of both our brands going forward.

"We have also had the opportunity to meet senior executives from Tata Motors and the Tata group," Polites continued. "They have expressed confidence in the team that has delivered significant improvements in Jaguar Land Rover’s business performance. We feel confident that we can forge a strong working relationship with our new parent company, and we look forward to a bright and successful future for Jaguar Land Rover."

Ford Agrees on Selling Jaguar and Land Rover to Indian Tata Motors

According to a report from Reuters, Ford Motor Company has agreed to sell its luxury brands Jaguar and Land Rover to India's Tata Motors for more than $2 billion. Although the deal was reportedly signed today (Tuesday, March 25, 2008), sources state that FoMoCo plans to publicly announce the transaction which will also see it pay approximately 300 million pounds ($597.7 million) into the European units' pension fund, in New York on Wednesday at 8:00 a.m. EDT. -Pic: Carscoop

Via: Reuters

Breaking News: Tata to Announce Purchase of Jaguar & Land Rover on March 5

According to a report from Automotive News citing Ford insiders, Indian Tata Motors will announce its purchase of Jaguar Land Rover on March 5 or 6. From what it seems, the sale has been set and the only thing left is to sort out some minor details between Tata Motors and Ford Motor Company.

The article supports that the dates where agreed between Tata and Ford following the positive talks with UK trade union leaders last week. Roger Maddison, national officer of Unite, the larges trade union in the UK auto industry, told Automotive News Europe, “everything seems fine as far as we are concerned; it's just the lawyers working on it now."

Via: AN (Sub. Req.)

Indian Tata Motors Unveils $2,500 or €1,700 Nano Minicar

The same Indian firm that is one step away from acquiring Jaguar and Land Rover (see here) is making headlines around the world today with the presentation of the long-awaited Nano minicar or as many call it, the one lakh car ($2,500 or €1,700). Tata itself describes it as the “people’s car”.

The no-frills 5-door mini is powered by a rear-mounted, 33HP strong, 624cc, two-cylinder gasoline engine. Power is transferred to the rear-wheels via a four speed manual gearbox. Measuring in at 3.1 meter (122-inches) in length, the Nano can seat -or at least that’s what Tata says, four adult passengers. While one wouldn’t expect any luxury or safety amenities at $2,500, Tata’s 70-year-old CEO and owner, Ratan Tata does support that, although affordable, the Nano is built to meet safety requirements and emission norms.

We know what your thinking, but look at it this way; better off being in the Nano than riding a scooter packed with four passengers, something not at all uncommon in India. As for the Western world, we seriously doubt that the Nano would have any success; even if it passed safety and emission standards and even if it did actually cost $2,500 –which it won’t in the West. Just the other day I went to look for a used car with a friend of mine outside Boston; for $2k he found a '01 Mazda 626 and for $3k, a loaded '97 Volvo S70 Turbo. What would you prefer? -Details and pics after the jump

Tata Press Release

A comfortable, safe, all-weather car, high on fuel efficiency & low on emissions

Mr. Ratan N. Tata, Chairman of the Tata Group and Tata Motors, today unveiled the Tata ‘NANO’, the People’s Car from Tata Motors that India and the world have been looking forward to. A development, which signifies a first for the global automobile industry, the People’s Car brings the comfort and safety of a car within the reach of thousands of families. The People’s Car will be launched in India later in 2008.

Speaking at the unveiling ceremony at the 9th Auto Expo in New Delhi, Mr. Ratan N. Tata said, “I observed families riding on two-wheelers – the father driving the scooter, his young kid standing in front of him, his wife seated behind him holding a little baby. It led me to wonder whether one could conceive of a safe, affordable, all-weather form of transport for such a family. Tata Motors’ engineers and designers gave their all for about four years to realise this goal. Today, we indeed have a People’s Car, which is affordable and yet built to meet safety requirements and emission norms, to be fuel efficient and low on emissions. We are happy to present the People’s Car to India and we hope it brings the joy, pride and utility of owning a car to many families who need personal mobility.”

Stylish, comfortable
The People’s Car, designed with a family in mind, has a roomy passenger compartment with generous leg space and head room. It can comfortably seat four persons. Four doors with high seating position make ingress and egress easy.

Yet with a length of 3.1 metres, width of 1.5 metres and height of 1.6 metres, with adequate ground clearance, it can effortlessly manoeuvre on busy roads in cities as well as in rural areas. Its mono-volume design, with wheels at the corners and the powertrain at the rear, enables it to uniquely combine both space and manoeuvrability, which will set a new benchmark among small cars.

When launched, the car will be available in both standard and deluxe versions. Both versions will offer a wide range of body colours, and other accessories so that the car can be customised to an individual’s preferences.

Fuel-efficient engine
The People’s Car has a rear-wheel drive, all-aluminium, two-cylinder, 623 cc, 33 PS, multi point fuel injection petrol engine. This is the first time that a two-cylinder gasoline engine is being used in a car with single balancer shaft. The lean design strategy has helped minimise weight, which helps maximise performance per unit of energy consumed and delivers high fuel efficiency. Performance is controlled by a specially designed electronic engine management system.


Meets all safety requirements
The People’s Car’s safety performance exceeds current regulatory requirements. With an all sheet-metal body, it has a strong passenger compartment, with safety features such as crumple zones, intrusion-resistant doors, seat belts, strong seats and anchorages, and the rear tailgate glass bonded to the body. Tubeless tyres further enhance safety.

Environment-friendly
The People’s Car’s tailpipe emission performance exceeds regulatory requirements. In terms of overall pollutants, it has a lower pollution level than two-wheelers being manufactured in India today. The high fuel efficiency also ensures that the car has low carbon dioxide emissions, thereby providing the twin benefits of an affordable transportation solution with a low carbon footprint.

About Tata Motors
Tata Motors is India's largest automobile company, with revenues of US $ 7.2 billion in 2006-2007. With over 4 million Tata vehicles plying in India, it is the leader in commercial vehicles and the second largest in passenger vehicles. It is also the world's fifth largest medium and heavy truck manufacturer and the second largest heavy bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America. Tata Motors and Fiat Auto have formed an industrial joint venture in India to manufacture passenger cars, engines and transmissions for the Indian and overseas markets; Tata Motors also has an agreement with Fiat Auto to build a pick-up vehicle at Córdoba, Argentina.

The company already distributes Fiat branded cars in India. Tata Motors’ international footprint includes Tata Daewoo Commercial Vehicle Co. Ltd. in South Korea; Hispano Carrocera, a bus and coach manufacturer of Spain in which the company has a 21% stake; a joint venture with Marcopolo, the Brazil-based body-builder of buses and coaches; and a joint venture with Thonburi Automotive Assembly Plant Company of Thailand to manufacture and market pick-up vehicles in Thailand. Tata Motors has research centres in India, the U.K., and in its subsidiary and associate companies in South Korea and Spain.

Tata May Appoint Ford Boss To Run Jaguar & Land Rover

The Indian Tata Group, which has been confirmed by Ford as the preferred bidder for the British marques Jaguar and Land Rover (see here), is likely to name a top Ford executive in Europe as chief executive of the Jaguar-Land Rover group according to a report from the Sunday Times. The current chief executive of the Jaguar – Land Rover Group is Geoff Polities, an Australian car-industry veteran.

Via: Sunday Times

Ford Confirms That India’s Tata Motors Is the Preferred Bidder In Jaguar & Land Rover Sale!

Following several reports last month that India’s Tata Motors was Ford’s first choice in the combined sale of Land Rover and Jaguar, the American carmaker issued a statement today official confirming that the Indian Group is the company’s preferred bidder.

Here’s what to Lewis Booth, executive vice president – Ford of Europe and Premier Automotive Group (Chairman – Jaguar, Land Rover, Volvo and Ford of Europe) said:

“Ford is committed to focused negotiations at a more detailed level with Tata Motors concerning the potential sale of the combined Jaguar Land Rover business.”

"There is still a considerable amount of work to do, and while no final decision has been made, we will proceed with further substantive discussions withTata Motors over the forthcoming weeks with a view to securing an agreement that is in the best interests of all parties concerned."

India’s Tata Confirms Interest In Acquiring Jaguar & Land Rover From Ford

Just a few days before Jaguar launches the XF, probably the most important model in the past decade or so for the British carmaker, and India’s Tata Group chairman confirmed his company’s interest in buying Ford’s Jaguar and Land Rover brands. "We certainly have an interest in that," Chairman Ratan Tata told in an interview he gave to the CNN-IBN TV channel. -Continued after the jump

Ford has been looking to get rid of the Jaguar and Land Rover firms after selling Aston Martin previously this year as part of the Group’s major corporate restructuring plan - Ford lost $12.6 billion in 2006 if you’re still wondering why. Tata Group on the other hand, is a huge company whose interests range from automobiles to steel –they paid $12 billion to acquire Britain-based Corus Steel earlier this year. So apparently, money isn’t the object when it comes to Tata that wants to expand globally in every aspect.

Via: Detnews

TechArt “pimps up” Porsche’s new baby coupe: the 385 Hp Cayman S based GTsport

Now tell me, isn’t this just plain sexy? A big bravo to TechArt who did quite a good job on the Cayman body which looks so much sexier than the original, especially if you look at it from ¾ behind.

But, appearance isn’t the only thing that changed on the Cayman’s alter ego as the GTsport is as bad as it looks. At the heart of this mid-engine sports car lies the increase in displacement from standard 3,387 cm³ to 3,824 cm³. The increase is facilitated by a bore enlarged to 99 millimeters with the corresponding larger special pistons, and by the installation of a special crankshaft.

The engine conversion further includes sports camshafts. A modified intake manifold with special air filter system and an aluminum header provide ample combustion air. The interaction of all these components including the fully stainless-steel high-performance exhaust system with high-performance manifold is orchestrated by new mapping for the engine electronics.

So what do all these conversion sum up too? Maximum power is now 385 hp / 283 kW while peak torque is 407 Nm . According to TechART, the GTsport sprints form 0 to 100 km/h in just 4.9 seconds while it’s top speed is 285 km/h.

Aerodynamics: The TechArt GTsport front apron is designed to replace the production bumper. With its large air inlets and four auxiliary headlights it lends the two-seater a more dynamic appearance while reducing lift on the front axle at high speeds. The extendable carbon air splitter can further minimize aerodynamic lift.

The TechArt rocker panels were modeled to calm the airstream between front and rear wheel houses. They also give the two-seater a longer, sleeker appearance. Carbon mirror moldings round out the racing look of the TechArt GTsport.

To optimize downforce on the rear axle and for even more striking looks TechArt Automobildesign further equips the GTsport with a rear wing with extendable carbon gurney flap. The rear apron is refined by a carbon diffuser.

Wheels: The especially light-weight one-piece TechArt Formula five-spoke wheels are mounted on the front axle in size 8.5Jx20 with ContiSportContact 3 tires in size 235/30 ZR 20. The rear axle features wheels in size 11Jx20 with size 305/25 ZR 20 tires.

Suspension: Specially calibrated to these wheels and tires is the TechArt VarioPlus coil-over suspension for all vehicles that are factory-equipped with the electronically adjustable PASM damper system. This suspension not only allows adjustable ride-height lowering by up to 25 millimeters, but also manual selection of damper settings “Normal” and “Sport” at the push of a button in the cockpit. The dampers are not limited by the manually selected setting: Sporty driving automatically firms up the dampers in both suspension modes. The result is an optimal symbiosis of excellent ride comfort during normal driving and agile direct response during fast cornering.

Price: The GTsport will be built in small-series production with prices starting in Europe forma 100,000 euros.

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