Ford may sell Aston Martin

0 Comments | Deseret News (Salt Lake City), Sep 1, 2006 | by Associated Press

DETROIT -- Ford Motor Co. said Thursday it is exploring the possible sale of all or part of its iconic Aston Martin sports car brand as the automaker works to free up cash to pay for its North American turnaround plan.

British-based Aston Martin is best known for its cars' appearances in James Bond movies and makes about 5,000 cars a year. They cost upwards of $100,000 each.

Aston Martin has its headquarters, research and production facilities in Gaydon, England. Last month, the company celebrated production of its 30,000th car. Ford bought 75 percent of the company in 1987 and acquired full ownership in 1994. In 1992, the company made only 46 vehicles but now makes about 5,000 cars per year.

Ford said no decisions have been made about its other luxury car brands which include Jaguar, Land Rover and Volvo.

"As part of our ongoing strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value," Bill Ford, the automaker's chairman and chief executive, said in a statement.

He said the Aston Martin's dealer network, design and size are different from other Ford brands and the most logical choice for possible sale.

He said no decisions have been made about its other Premier Automotive Group brands.

"We continue to be encouraged by Jaguar's progress and by the strength and consumer appeal of the Jaguar, Land Rover and Volvo product lineups" he said.

But Ford spokesman Tom Hoyt said that doesn't mean the company won't sell the brands.

"We're still taking a look at all aspects of the business, as Bill Ford has said. Everything's on the table," Hoyt said.