Ford pumps another $2 billion into Jaguar

Dec. 23, 2005 at 10:51 AM
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DETROIT, Dec. 23 (UPI) -- Financially ailing Ford Motor co. has put another $2 billion into Jaguar Cars, a loss-making British unit.

The fresh money, Ford's second such move in two years, covers big losses and investment write-downs at the luxury car unit, RTE news agency reported Friday. U.S. sales of the storied cars are falling.

The latest investment comes just before Ford plans to announce U.S. factory closures and massive layoffs.

News of the Jaguar rescue package sent Ford shares down in late morning trading.

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