Jaguar is losing 1mn pounds a day: Tata Motors

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Mike O'Driscoll
London, Jul 10: Struggling car maker Jaguar has unveiled a new model-the Jeff Randall Live-in hope of recovering its losses. According to co-owner, Tata Motors, Jaguar has been losing one million pounds a day for the last ten months.

Jaguar boss Mike O'Driscoll told Sky News how the West Midlands-based company plans to survive the global economic crisis.

"We're going to come out of this recesson, out of this downturn stronger than anyone else. We've remade Jaguar over the last 24 months. The XJ's the third of our new model range. The XF, the XK, now the XJ and we've got three great models that will set Jaguar forward for the future," O'Driscoll said.

His comments came at the glitzy launch of the new XJ model held at the Saatchi Gallery in the affluent London borough of Chelsea.

The debut of the new car, priced at between 52,000 and 88,000 pounds, comes as the motor industry faces the toughest challenges since the Great Depression.

The company has held negotiations with Business Minister Lord Mandelson but is yet to secure new financing. The talks have centered on a request for the government to guarantee a #340m European Investment Bank loan.

ANI

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