Jaguar, a jewel in the crown of Britain's car industry, owned by Hyundai of Korea? The gin'n'Jag set might splutter at the thought, but a seismic shift in the British carmaking landscape could be just around the corner.
Jaguar's travails have prompted much speculation about its future and Hyundai is one of three suitors rumoured to have been interested in the past six months. Earlier in the year, Peugeot and Renault were linked to the British marque, both being rebutted with the same response: 'Jaguar is not for sale.'
But that was before last week, when its owner, the US giant Ford, reported a grim $254m second-quarter loss - twice that forecast only two weeks earlier. July sales in North America unexpectedly fell behind those of Toyota for the first time: a disastrous performance. And the denials also came before cross-town rival GM was forced into alliance talks with Renault-Nissan, a merger that would potentially push struggling Ford further down the automotive food chain.
Not surprisingly, its embattled chairman, Bill Ford, announced on Wednesday that Goldman Sachs banker Ken Leet, a long-time company adviser, would be exploring 'a broad range of strategic alternatives'. Although Ford's statement did not explicitly refer to Jaguar, the link was quickly made.
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