Ford is selling off all or part of its Aston Martin brand.
In a statement released late last week Ford North America said it "has begun the process of exploring strategic options for Aston Martin, with particular emphasis on a potential sale of all or a portion of the unit."
"As part of our ongoing strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value," said Chairman and CEO Bill Ford. Reports suggest that a bid for ownership may come from Ulrich Bez (pictured), Aston's chief executive since 2000, or Porsche, Toyota and Hyundai.
The statement ends speculation that Ford would off-load the British Midlands-based brand as part of its turnaround plan to halt a downturn in profits.
Ford Jr said that while Aston Martin had "flourished under Ford ownership" the sale was logical because "Aston Martin's dealer network, product architecture and size are distinctly different from other Ford brands."
The company said it had no immediate plans for similar "strategic options" for its other Premier Automotive Group (PAG) brands including Volvo, Land Rover and Jaguar, but analysts suggest Ford has also set its sights on divesting itself of Jaguar.
PAG has been under scrutiny by Goldman Sachs investment banker Kenneth Leet for the past month as a result of heavy losses incurred in recent times. The prestige division lost $130m in 2005 and $211m in the second quarter of this year, prompting Ford to appoint the external consultant to come up with a fresh strategy.
Recent reports emanating from Europe and the US suggested Jag and Land Rover would be the likely casualties, and Korea's Hyundai was being touted as a potential buyer. Also being singled out as a potential buyer was former Ford boss Jac Nasser (who headed Ford Australia before he took charge of the company at global level).
Jaguar is PAG's biggest loser, burning through more than $550m in 2004. This prompted a major company restructure -- a key element of which was the closure of the venerable Browns Lane factory in Coventry.
By contrast, Aston Martin is now actually profitable, as is a revitalised Land Rover.
Ford purchased Aston Martin in 1987, but had to wait for 18 years for the company to finally turn over a profit. The company sold about 4500 cars last year, and employs 1700 staff based at Gaydon and Newport Pagnell.