Skip advert
Advertisement

JLR boss stops short of denying PSA takeover rumours

Leaked documents suggest PSA could buy JLR. Boss Dr Ralf Speth says he has not discussed a sale but doesn't deny moves are afoot

Land Rover Discovery - off-road

Jaguar Land Rover boss Dr Ralf Speth has insisted that he has not discussed any sale of his company to PSA with the French giant’s chief Carlos Tavares - but he has stopped short of quashing increasing speculation that the British brands could soon face a change of ownership.

Reports last week suggested that PSA is keen to acquire the Jaguar and Land Rover brands from existing owner Tata, in a bid to widen its portfolio to include more premium vehicles. Speaking at the Financial Times Future of the Car Summit, Jaguar Land Rover boss Dr Ralf Speth said that he “couldn’t confirm discussions” - but he declined to deny that any talks had taken place.

Advertisement - Article continues below

“I meet Carlos Tavares at an ACEA [European car manufacturer’s association] meeting,” Speth said, “but we didn’t have any discussion about ownership.”

When asked more directly if he knew of any talks between PSA and Tata, Speth replied, “There are rumours, but I cannot really confirm any of these discussions.”

The story first broke when a leaked “post-sale integration document”, seen by Press Association (PA), highlighted the benefits of a union between the two companies, with insiders at JLR telling PA that “things are moving quickly behind closed doors". The source added: "Just look at how close the two firms are in the UK - the two head offices in Coventry and Gaydon are just 25 miles apart and both firms make cars in the UK.

Skip advert
Advertisement
Skip advert
Advertisement - Article continues below

A statement from PSA said the company was in “no hurry” to buy JLR, but that "If an opportunity comes, like Opel (Vauxhall), we will consider it." PSA, which is 13.68 per cent owned by the French Government, has had significant success since buying Opel/Vauxhall from General Motors, with Opel/Vauxhall bringing in an €859 million profit in 2018, compared with the €257 million loss it made in 2016 when it was owned by General Motors.

JLR’s parent company, Tata Motors, however, told PA that: "there was no truth to rumours that Tata Motors is looking to divest its stake in JLR".

Suggestions that Jaguar Land Rover could be sold follow the firm posting a £273-million loss in the final quarter of 2018, and downgrading the value of assets by £3.1 billion. The recent success of the electric Jaguar I-Pace and all-new Range Rover Evoque have done much to lift JLR’s profile, as has the introduction of more plug-in hybrid and mild hybrid models, but they come off the back of a downturn in the company’s key Chinese market, and slow-selling models like the Jaguar XE and Land Rover Discovery.

Would a takeover by PSA be good for JLR? Have your say in the comments...

Skip advert
Advertisement
Editor-at-large

John started journalism reporting on motorsport – specifically rallying, which he had followed avidly since he was a boy. After a stint as editor of weekly motorsport bible Autosport, he moved across to testing road cars. He’s now been reviewing cars and writing news stories about them for almost 20 years.

Skip advert
Advertisement

Recommended

New Jaguar concept teased ahead of eagerly awaited reveal
Jaguar Design Vision Concept - rear teaser

New Jaguar concept teased ahead of eagerly awaited reveal

Sketch previews the new Jaguar concept that's set to be revealed in Miami at start of December
News
21 Nov 2024
660bhp V12 TWR Supercat is what happens when you restomod a Jaguar XJS
TWR Supercat - front

660bhp V12 TWR Supercat is what happens when you restomod a Jaguar XJS

Uprated Jaguar sports car gets new look, more power and reworked suspension
News
20 Nov 2024
New Jaguar logos unveiled as big concept reveal moves closer
New Jaguar logo 1

New Jaguar logos unveiled as big concept reveal moves closer

Jaguar has revealed its new logos and styling details ahead of its transition into a luxury EV brand
News
19 Nov 2024
New Jaguar GT caught testing ahead of £130k EV’s 2025 reveal
Jaguar GT spyshot 1

New Jaguar GT caught testing ahead of £130k EV’s 2025 reveal

Jaguar's new four-door GT has been caught testing for the first time as the British brand prepares for a luxury overhaul
News
19 Nov 2024

Most Popular

New cars that plummet in value can make brilliant used buys
Opinion - Vauxhall Corsa-e

New cars that plummet in value can make brilliant used buys

Editor Paul Barker takes a closer look at our 2024 Used Car Awards
Opinion
20 Nov 2024
A £10k electric car with a 100-mile range would surely be a sales success
Opinion - cheap EV

A £10k electric car with a 100-mile range would surely be a sales success

Mike Rutherford thinks there would be demand for an electric car with a modest 100-mile range if it only cost £10k
Opinion
17 Nov 2024
Best used cars to buy 2024
Best used cars 2024

Best used cars to buy 2024

From city cars to large SUVs, here’s our annual pick of the star performers that’ll save you thousands when you buy them used instead of new
Best cars & vans
20 Nov 2024