Jaguar - Land Rover isn't for sale, boss says
Tata will invest in JLR instead of selling it.
The reports claiming Indian conglomerate Tata will sell Jaguar - Land Rover are false, according to one of the company's executives. The automaker is still going through a rough patch, but that doesn't mean it's for sale.
"Today it's very simple. Jaguar - Land Rover is not for sale. We are owned by Tata of India. This is the way things will stay," company CEO Ralph Speth said in an interview with British magazine Auto Express.
During the first half of 2019, rumors claimed a number of companies were interested in buying Jaguar - Land Rover from its Indian owner, including Fiat-Chrysler Automobiles (FCA), PSA Peugeot - Citroën, and even Hyundai. Speth pointed out that, ironically, FCA and PSA recently experienced financial problems, and JLR could have afforded to purchase them if it wanted to.
He blamed the group's financial problems (which culminated in a record-breaking $4.6 billion loss in 2018) on the high amount of money it's investing in future products and plant expansions. Slumping sales (notably in China) played a big role in sinking the company into the red, though.
Instead of selling JLR, Tata will approve and fund the development of an unprecedented product offensive that will allow the brand to move into new segments of the market. Key models will be launched in the next two years, including the next-generation Defender (pictured), Range Rover, and XJ, plus a handful of new additions to the portfolio like the long-rumored Road Rover. Tata executives hope the new models will transform JLR from a liability to an asset.