Used Jaguar models in New Jersey may begin to attract additional attention following news that chief executive officer David Smith has resigned from Jaguar Land Rover, effective immediately.
A company spokesman declined comment on the reasons for Smith’s abrupt departure, stating that his resignation was “confidential between the company and Mr Smith.” Jaguar issued a brief statement thanking Smith “for his efforts in the role and for his services to Jaguar and Land Rover over many years.”
Smith was installed as CEO after Ford Motor Company sold the car manufacturer to India-based Tata, who purchased Jaguar Land Rover for $2.3 billion in 2008. Auto Week reports that the former CEO lacked industry experience in production, engineering and marketing.
In November of last year, Tata announced that Jaguar had lost nearly $100 million in the third quarter alone and subsequently cut almost 2,500 jobs, ABC News reports.
Former BMW and Opel head Carl-Peter Forster had been linked to the newly opened position, although Tata has dismissed the notion that they have a specific candidate in mind for the role.
Drivers of used Jaguars in New Jersey may have to wait a little bit before they start seeing model updates from the company: owner Tata Motors has secured private funding for Jaguar to prevent a government takeover.
Thanks in part to a £229 million pound, or more than $350 million, loan from the European Investment Bank, Jaguar remains in private hands, but both Land Rover and Jaguar still face struggles which could involve plant shutdowns and other steps, Jaguar Land Rover chief executive David Smith warned in a statement.
That will also include management tips for the luxury automaker from a team brought in by Tata Motors, the Indian parent company that manufactures one of the most inexpensive cars in the world, reported the Times in London.
While sources close to Tata told the newspaper that new model programs would not be cut, drivers of used Jaguars in New Jersey may not see very many examples of future Jaguars while the company attempts to lower the point at which it can turn a profit.
Although Jaguar recently announced a supercharged XF sedan with a 470 horsepower engine, drivers considering a used Jaguar S-Type in New Jersey could find a more affordable option with similar power.
The XF was introduced several years ago by Jaguar as an update to the S-type line of sedans, and the mid-year introduction of the XF with supercharged engines ranging from 470 to 510 horsepower could offer some drivers the ability to go 0-60 in less than 5 seconds.
The main sticking point could be price, as the most affordable model with a less powerful engine starts at $52,000 MSRP according to the manufacturer.
Buyers may be able to find more inexpensive used Jaguar S-Types that offer similar quality, according to Edmunds.com editors.
The 2003 model was “the best Jaguar sedan available,” they wrote, and had an upgraded suspension front and rear in addition to a bevy of safety features.
Motorists looking for more power could find the 2003 S-Type R to their liking, as its 400 horsepower engine helps propel the car from 0 to 60 mph in 5.3 seconds.