Jaguar and Land Rover refuse government bailout

The auto industry is experiencing one of the hardest economic times in many years and rebuilding trust and returning sales to levels of profitability will not be an easy feat. In spite of this dire circumstance, the CEO of one of the struggling car manufacturers however has refused a government funded bailout. David Smith, CEO of Jaguar Land Rover, said that although he did not want to face the current crisis alone, he wanted to get credit flowing again either from direct lending or state-backed loans instead of a bailout. The crisis is aggravated because consumers are not spending or lending. Representatives of the car industry will meet officials of the British government to talk about what they can do to protect jobs and increase demand.
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veyron1001 - 1/24/2009 10:32:42 AM

-4 Boost

I am still confused why Bush was stupid enough to give GM and Chrysler bailout money. GM burns through billions every year and Chrysler cant afford to pay it back.

downtoearth - 1/25/2009 11:48:21 AM

0 Boost

It's only because Land Rover and Jaguar were bought by Tata. Unlike the USA, India needs no bailout.

TECHGEEK - 1/24/2009 3:21:26 PM

-1 Boost

Well, Bush is gone now and Obama shall hopefully be bringing a tide of change for-us/to-us

Type707 - 1/24/2009 3:39:24 PM

+1 Boost

why can't the big three be like Jaguar/Land rover? They invest so much hope in this Goverment bail out that they lack alternate ways to restrucure their Companies, Sad...

91z4me - 1/24/2009 5:50:35 PM

0 Boost

Umm...Ford didn't ask for a bailout. They only wanted a line of credit should GM or Chrysler go under and take all of the suppliers with them. Again, Ford didn't ask for nor receive any government loans.

91z4me - 1/24/2009 7:51:10 PM

0 Boost

Why the hell am I deboosted for stating FACT? Read people, read and learn and you might not be idiots.

BarackBush - 1/24/2009 6:24:44 PM

+2 Boost

Damn bailouts make me sick

autopro - 1/25/2009 6:08:53 PM

+1 Boost

Jag is on life support.They haven't made money in years.