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.
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