$400m Ford loss expected

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The Independent Online

Ford is expected to signal this week when it reports interim results that a sale of subsidiary Jaguar Land Rover is likely. The loss-making, US-based car giant asked potential bidders to make expressions of interest by last Thursday as part of its strategic review of the UK-based subsidiary. But up until now, it has denied that a sale is the likely outcome. Ford has yet to comment publicly on whether its last remaining European subsidiary, $8bn-rated Volvo, is for sale. But bankers say that, after the disposal of Jaguar Land Rover, this is a foregone conclusion. JP Morgan analysts are forecasting a loss of $400m in the second quarter, due to heavier losses at its North America division and its credit arm. Last year Ford lost $12bn and wants to shed some of its European subsidiaries to concentrate on turning around the rump US business.

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