DETROIT (AP) _ Ford Motor Co. has received several bids for its
Jaguar and Land Rover units, but a spokesman said they were
preliminary and no sale of either British automaking business is
Thursday was a deadline to submit early bids on the two units,
but a decision is likely several months away.
``We've had contacts from third parties, and we're actively
evaluating them as part of our strategic review,'' John Gardiner, a
Ford spokesman in London, said Thursday. ``They've only been
preliminary discussions, and no decisions have been made.''
He would not say how many bids have been received or who
Ford, which lost US$12.7 billion last year and $282 million in
the first quarter, has cut thousands of jobs and closed factories in
an effort to shrink itself to match lower demand for its products.
The company last year mortgaged its factories to get a $23.4
billion financing package to fuel its restructuring and cover
expected losses in its automotive operations. It expects to burn up
$17 billion in cash before returning to profitability sometime in
Analysts have said the company may be burning cash at a higher
rate than expected and may need to sell the British brands to raise
In March, the company sold its Aston Martin luxury sports car
unit for $848 million, and it has said that all options are open,
including a potential sale of its Volvo unit.
A company official who asked not to be identified because the
bidding process is confidential said Thursday that preliminary bids
have been submitted only for Jaguar and Land Rover, and that the
company did not take bids for Volvo.
Ford shares rose four cents to $8.67 in morning trading Thursday.