US carmaker Ford has pumped a further £1.2bn into its UK subsidiary Jaguar to keep the luxury car maker afloat.
The money will come from the sale of preferred shares to its US owner, Jaguar said.
This week Jaguar posted a pre-tax loss of £429.3m for 2004, blaming tough market conditions and a £173m write-down of investments.
When I say jinxed, what I actually mean is badly-run, over-taxed and over-burdened with regulation. How soon before Jaguar is shut down as well, eh?
Apparently, this year has been better than the previous two!
However, the accounts were an improvement on 2003 when it revealed it was £601.1m in the red, mainly as a result of one-off charges £534m.
These are pretty staggering amounts of money; how much can the shares that they are selling to Ford actually be worth? And how soon before they are totally worthless?
And will John Towers et alios be bidding to buy Jaguar any time soon...?