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Jaguar unit posted $82 million loss
LONDON -- Ford Motor Co.'s Jaguar unit had a loss of 52 million pounds ($82 million) in 2001 on higher development and sales costs as well as unfavorable exchange rates, the company said.
The loss compares with a profit of 83 million pounds in 2000, according to company documents filed with the U.K. government. Ford executives said in September that Jaguar would have a loss of $500 million in 2002. The company had not previously disclosed details of the 2001 loss.
The world's second-largest automaker is trying to return to profit in 2002 after last year's $5.4 billion loss. It wants its luxury vehicles, including Jaguar, Volvo and Land Rover, to generate a third of revenue by 2005, up from a fifth currently.
Jaguar's lost money while unit sales rose to a record 100,770 cars, helped by introduction of the X-Type, the least-expensive Jaguar at $30,000. The X-Type and S-Type, a larger sedan, haven't been as successful as the company had hoped.
LONDON -- Ford Motor Co.'s Jaguar unit had a loss of 52 million pounds ($82 million) in 2001 on higher development and sales costs as well as unfavorable exchange rates, the company said.
The loss compares with a profit of 83 million pounds in 2000, according to company documents filed with the U.K. government. Ford executives said in September that Jaguar would have a loss of $500 million in 2002. The company had not previously disclosed details of the 2001 loss.
The world's second-largest automaker is trying to return to profit in 2002 after last year's $5.4 billion loss. It wants its luxury vehicles, including Jaguar, Volvo and Land Rover, to generate a third of revenue by 2005, up from a fifth currently.
Jaguar's lost money while unit sales rose to a record 100,770 cars, helped by introduction of the X-Type, the least-expensive Jaguar at $30,000. The X-Type and S-Type, a larger sedan, haven't been as successful as the company had hoped.