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Jaguar 'won't break even until 07'

Jaguar will lose money for two years before breaking even in 2007.

In an interview with the Financial Times Joe Greenwell said losses will continue at Jaguar, owned by Ford, despite plans to shed 1,150 jobs at its main plant in Coventry.

"We are losing hundreds of millions of dollars," Greenwell is quoted as saying today. "Frankly, the company is unsustainable and unviable at these levels."

He said he would listen to unions' ideas on how to avoid job losses, but warned: "We are still of the belief that our strategy is the right one."

Jaguar announced its cost cutting plans last month. It said it would stop Formula 1 motor racing at the end of the season.

Ford bought Jaguar in 1989 for 1.6 billion pounds.

(Source: Financial Times)

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