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8 Dec 2002, 12:28 (Ref:445551) | #1 | ||
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U.S. $ 500,000,000
is reported by the New York Times this morning to be the loss at Jaguar in fiscal 2002. The eye popping figure was buried in a lengthy article about the relationships between Ford Motor Company and their investment bankers, Goldman Sachs. $ 500 Mil. is a big number even for Ford, and it may explain why the F1 effort at Jaguar is coming under such pointed scrutiny lately in Dearborn.
Last edited by Maxmil; 8 Dec 2002 at 12:29. |
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8 Dec 2002, 12:44 (Ref:445565) | #2 | ||
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WOW! When I heard that Eddie Irvine was being paid more than the Chairman of the Board at Ford, and nobody there knew who he was, that was certainly a big clue as to why things aren't working out.
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"If we won all the time, we'd be as unpopular as Ferrari, and we want to avoid that. We enjoy being a team that everybody likes." Flavio Briatore |
8 Dec 2002, 13:01 (Ref:445581) | #3 | ||
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This is astounding. So it might be that the Jaguar cut in expenditure is part of an overall policy in reducing costs for everyone and explains why Eddie was fired also.
BTW, Didn't Ford fire their CEO? that wasn't being paid more than Eddie? Last edited by Valve Bounce; 8 Dec 2002 at 13:02. |
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8 Dec 2002, 14:30 (Ref:445641) | #4 | |||
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Quote:
Last edited by Maxmil; 8 Dec 2002 at 14:31. |
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8 Dec 2002, 14:40 (Ref:445648) | #5 | ||
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Does Jaguar racing come under Jaguar Cars (seeing as they have nothing to do with each!)?
Jaguar Cars (the proper one in Coventry) have just introduced a new car - the Mondeo, sorry X-Type and been developing there new XJ range (all Al - lovely). Anyway could be part of the reason? I haven't read the accounts though so I don't know. |
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8 Dec 2002, 15:39 (Ref:445668) | #6 | ||
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I cant see Jag losing 500 million. They have a highly successful group of cars just now and are selling really well from what I have seen.
Fiat are losing 2m a day and that is catatrophic for a company their size. 500million, I would have thought is more likely to be the total F1 Jaguar budget since they bought Stewart GP out. |
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I love the deadlines. Especially the sound of them screaming by... |
8 Dec 2002, 21:51 (Ref:445815) | #7 | ||
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Ford lost over 1k dollars per car sold last year. I dont know how they stay afloat. How does one lose more money than the annual income of a small country?
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8 Dec 2002, 22:10 (Ref:445829) | #8 | ||
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They shoulda sold it to Red Bull when they had the chance
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Andretti, Mario: Auto racing legend owns the rights to an unspecified Spinal Tap song, which he purchased when former manager Ian Faith secretly sold the band’s catalog |
9 Dec 2002, 00:54 (Ref:445980) | #9 | |||
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Quote:
Last edited by Mr V; 9 Dec 2002 at 00:54. |
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That's so frickin uncool man! |
9 Dec 2002, 05:13 (Ref:446067) | #10 | ||
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http://www.forbes.com/home/2002/11/1...1114honda.html
An interesting article. Of-course being a Honda geek all these little tid-bits reinforce my obsession. |
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9 Dec 2002, 08:22 (Ref:446135) | #11 | |||
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To be fair the F1 team is a very, very small part of this vast sum. (in fact I doubt it is even included as Jaguar Cars and Jaguar Racing are quite separate.). |
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9 Dec 2002, 13:55 (Ref:446286) | #12 | |||
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In sum, there is no way of knowing how the Times reporter came up with the figure, but I am inclined to believe he got it wrong somehow, or else it reflects some one time charges back in 2000. |
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9 Dec 2002, 14:11 (Ref:446301) | #13 | ||
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Keep in mind folks that one year does not make or break a company the size of Ford. Ford earned something like $1.2 Billion (American) not too long ago. A more important number (and one I do not have) is their performance over the last five years.
Jag does not support the racing operation alone, nor would it be expected to generate enough $$ to make the entire company profitable. |
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9 Dec 2002, 14:14 (Ref:446305) | #14 | ||
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I agree with you. It is possible there could have been some one-offs. There have been some job cuts recently (in Jaguar Racing and Jaguar Cars Proper).
But I'm not sure. In a Jagaur magazine recently there was a similar story (although not for so much IIRC), I'll try and find it. However I seem to remember that it wasn't very informative! |
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