Ford has sold Jaguar and Land Rover to Indian manufacturing giant Tata for £1bn. The deal has been given the backing of trade unions because Tata is understood to want to keep all UK manufacturing facilities open and has committed to investment plans put in place by Ford.
Jaguar and Land Rover's sale was first revealed almost a year ago, although Tata was only announced as the preferred bidder at the start of this year.
A Ford spokesman said: “As part of the transaction, Ford will continue to supply Jaguar 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.”
Ford has also committed to provide engineering support, including research and development, plus information technology, accounting and other services.
“In addition, 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.”
Ratan Tata, chairman of Tata Motors, added: “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.”