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Ford official: Automaker needs money from Jaguar, Land Rover sale

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DETROIT (AP) _ Ford Motor Co. is trying to sell its Jaguar and Land Rover units to raise needed cash and it's too soon to say if it would keep a stake in either luxury vehicle unit, the head of Ford's European operations said Wednesday.

``We're selling the business because we need the money and we need the focus,'' Lewis Booth, executive vice-president of Ford's European units, said during a webcast from the Frankfurt auto show. ``We're not going out with the intention of keeping an equity stake.''

Booth made no announcement about the sale of the units, but said the Dearborn automaker has been pleased with the interest and quality of the bidders. He said Jaguar and Land Rover probably would be sold and expects a decision late this year or early in 2008.

He added that Ford expects to conclude its strategic review of Volvo for potential sale by the end of this year.

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Ford official: Automaker needs money from Jaguar, Land Rover sale
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