Jaguar Land Rover owner denies sale reports

Jaguar Land Rover owner denies sale reports

The new figures come as Indian owner Tata Motors has denied reports that it is preparing to sell Jaguar Land Rover to French vehicle group PSA.

Tavares cited PSA's success in turning around Vauxhall/Opel, which posted its first profit in 20 years recently, suggesting it could have a similar impact on the struggling British firm: "With Opel, we have demonstrated that we can turn around a company that was in the red for 20 years, in 12 months".

The Press Association (PA) has reported seeing a "post-sale integration document" that has been circulated within JLR, highlighting the benefits of the company being sold by Tata Motors to PSA, which comprises Citroën, DS, Peugeot and Vauxhall/Opel.

The spokeswoman said there was "no hurry" for PSA to acquire JLR or any other vehicle maker.

During an interview with Autocar India in April, he said he believed it would be good for PSA to have a luxury brand and that the company was "considering all opportunities".

Now, both companies have denied publicly that they're in talks, but that doesn't mean that it's not happening on the sly.

An insider who has seen the integration paperwork said: "To have a document like this in circulation at the two firms points to the fact things are very far down the line with either a scale or acquisition".

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"Just look at how close the two firms are in the United Kingdom - the two head offices in Coventry and Gaydon are just 25 miles apart and both firms make cars in the UK".

Last month PSA boss Carlos Tavares expressed his interest in expanding the group. Tata shareholders' patience may be wearing thin, though, given recent JLR losses. "A partial PSA stake might open that up".

This is what Tata said, "As a matter of policy, we do not comment on media speculation, but we can confirm there is no truth to these rumors".

Jaguar sales were at 11,462 units, down 13.7 per cent, it added.

Back in February JLR announced record quarterly losses after it was forced to write-down the value of its investments by £3.1 billion as Chinese demand slumped.

JLR has just under 40,000 employees worldwide and made revenues of £24.6 billion in 2018, but it is dwarfed by PSA which achieved a £64 billion in the same period.

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