Ford will sell marquee brands Jaguar and Land Rover to India's Tata Motors, the Wall Street Journal reports. Under the deal, expected to be announced tomorrow, Ford will get $2 billion, less than it paid for either company in separate deals years ago. Ford has lost $15 billion the past two years and is in the midst of a major restructuring.
Ford chief Alan Mulally wants to streamline operations and focus more on the Ford brand name, the Journal notes. He hopes to get Ford back to profitability in 2009. The company will continue to supply engines, made in the UK, for the cars over the next 5-7 years. No US jobs are affected in the deal.