Coventry, England - Following persistent rumours that loss-making Jaguar Land Rover might be sold to Peugeot-Citroen or another carmaker, JLR CEO Dr Ralph Speth has reiterated that the British carmaker is not changing ownership any time soon.

“Today it’s very simple. Jaguar Land Rover is not for sale,” Speth told Auto Express recently.

“We are owned by TATA of India. This is the way things will stay. TATA - with Jaguar and Land Rover - is a leader, producing leading products that have won a total of six World Car Awards in the last three years.”

Furthermore, Speth did not shy away from discussing the company’s financial difficulties with the UK publication, stating that the fall in diesel sales in investments in more sustainable future products was largely to blame.

Auto Express also reported that JLR is expecting to sign off on several new products in the coming months, including a smaller Land Rover model.

The speculation of JLR’s sale comes amid record losses, the company having lost  £3.6 billion (R65bn) in the year ending March 31, the Daily Mail recently reported.

This was as a result of new investments as well as lower demand for certain products - with sales of Jaguar sedans having compared to the previous year - while demand in China also plunged, a situation that was aggravated by the US-China trade war.

However, Speth has said that his company was one of the first to address the “multiple headwinds simultaneously sweeping the automotive industry” and that JLR’s turnaround plan had already saved £1.3 billion (R23.6bn).

IOL Motoring