Ford, like GM can no longer afford to keep loosing money from its subsidiaries. After a recent second-quarter loss of $123 million, Ford has called in the bean-counters to slash and burn away unprofitable assets. Leading the charge is former Goldman Sachs man Kenneth Leet, who will start at one of Ford’s worst performers, Jaguar. The British luxury automaker is yet to earn a profit since its acquisition by Ford back in 1989.

According to Ford CEO, Bill Ford, "nothing is off the table.” This latest news will only add to investor fears that the closure of Jaguar is more real than first thought. This is a step in the wrong direction for Ford. No “suit” would pickup that Jaguar’s lack of development and poor insight of its X-type sedan is a major contributor to the company’s poor earnings. Jaguar’s major competitors, the likes of BMW, Mercedes and Lexus all do well because of their bread and butter models aimed at young and progressive buyers. Namely, cars like the 3-series and C-class sedans that offer styling and performance levels that suit the types of buyers of these cars. What has Jaguar done? They've produced a car based on a cheaper Ford platform that has styling that harks back to the 60’s.

[Source: Yahoo News]