The strength of the pound is being blamed for the failure of the Rover car company and the troubles of British manufacturing.
Mr Wicks said the action was necessary because of ongoing costs related to the loss of the Rover car company and the rescue package put together for British Energy.
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Jaguar Land Rover and its parent company Tata are expected to invest in the project.
The company bought Rover because its board doubted whether it could survive as a niche firm, then making around 600, 000 cars a year.
These sums may sound huge for a company such as Rover, which has had little invested in it for 20 years, but they are routine for car companies investing in new models.
Mr Blair had been particularly annoyed, the spokesman said, because the government had been lobbying Brussels on BMW's behalf while the company was taking steps to dismember Rover.
"We believe that the Evoque lends itself beautifully to the idea of a convertible, " said Land Rover design director Gerry McGovern, though the company has not yet decided whether the soft-top will go into production.
The US car giant, which bought Land Rover from BMW in 2000, was concerned the company was lagging behind its other operations in terms of competitiveness.
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Sales of Jaguar and Land Rover jumped 32 percent in India alone last year, the company said Thursday.
Ford instructed Land Rover bosses and unions to come up with ways of improving the company's performance in May this year.
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"The fact that the banks and commercial capital markets are meeting Jaguar Land Rover's funding is a clear sign of confidence in the company, its products and the automotive sector, " said U.K. Business Secretary Lord Mandelson, who played a key role in the negotiations with Jaguar Land Rover.
The Munich company is investing heavily to bring in new models, but Rover is still losing money and its share of its home market may soon slip into single figures.
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The company remains a force in the British motor industry, even without Rover's volume-car production, as Mr Milberg is understandably anxious to point out.
The company provides consultancy services and manufactures parts for the likes of Jaguar Land Rover, BAE, and Mercedes-Benz.
Ramakrishnan attributed the swing in the company's fortunes to adverse market conditions, primarily faced by Jaguar Land Rover.
Mr. Dodge, whose first automotive job was as a night-shift manager in the former Rover Cowley plant, joined Nissan in 1984 and spent the next 26 years at the company's U.K. operations.
Mulally's first step is to get rid of distractions like Aston Martin, Jaguar, Land Rover and Volvo (it's keeping its stake in Mazda) and throw the company's global resources behind the blue oval.
The company has already sold most of its non-core assets, including Jaguar, Land Rover and its parts factories.
The Chinese market - where sales of Jaguar Land Rover's vehicles have risen 80% in the past year - has been rising in importance to the company.
The Welsh Government says it "worked extensively with the company to try to bring them to Wales but ultimately this was a commercial decision by Jaguar Land Rover, which has its UK headquarters and a strong existing presence in the West Midlands".
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