Rebutting industry speculation, Hyundai Motor Co. issued a statement today saying it is not interested in buying Jaguar from Ford Motor Co. Hyundai said it prefers to invest in new plants and alternative powertrain research.
Hyundai had been mentioned as a possible buyer after Ford recently announced that it would consider selling assets.
The Hyundai statement, in question-and-answer format, follows:
"Q: Is either (Hyundai) or Kia interested in acquiring Jaguar or any of its assets?"
"A: No, we are not. With the obligations we have undertaken to expand overseas production in North America, Europe, China and India, plus the huge sums we are investing in alternative powerplant technologies such as hybrids and fuel cells, we really have enough on our hands that we must rule out any acquisition at this point.
"It's true, at one point we did conduct an internal review to acquire a luxury nameplate like Jaguar, but that option was dropped in view of our immediate priorities."
Earlier this month, Ford hired mergers-and-acquisition specialist Kenneth Leet as a strategic adviser to CEO Bill Ford. Leet is expected to examine the merits of selling off some of Ford Motor's troubled brands and forming partnerships with other automakers.
Everything is on the table, Ford sources have said. Early speculation has pointed to the possible sale of the money-losing Jaguar brand.