Jaguar to Pull Out of Formula One
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Ford said on Friday its Jaguar Formula  One team would pull out of the sport at the end of the 2004  season and its Cosworth engine company was also up for sale.
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The future of the Jaguar Formula One team is expected to be announced later this week when a decision is taken over offers made to buy the outfit.
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Ford Motor Co. announced Friday that it would eliminate 1,150 jobs in England to streamline its Jaguar Cars Ltd. unit, where weak sales have failed to offset spending on new products and other parts of the business.
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Michael Schumacher is to quit Formula One at the end of the season.
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Racing supremo Bernie Ecclestone today described the withdrawal of Jaguar from Formula One as no surprise. The struggling team&#39;s future was in doubt after fears that it had struggled to find the money needed to compete in the cash-driven sport.
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Bernie Ecclestone, holder of commercial rights to the Formula 1 championship, has axed Silverstone from the 19-strong provisional list of venues for the 2005 F1 season.
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Jaguar said yesterday it would cut production by about 15,000 cars, or 11%, for the rest of the year in response to weak sales in its key market of the US.
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Jaguar Cars said Friday it is cutting production at its three British plants because of poor sales of its luxury cars in the United States, the company's biggest market.
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Jaguar is to halt production at a plant in Coventry, with the loss of 1,150 jobs, because of poor demand for the luxury brand, US parent company Ford announced.
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Hard-pressed luxury marque Jaguar says it will cut about 1,150 jobs at its main plant in Coventry in a bid to return to profits, in another blow to Britain&#39;s fading glory as a carmaking centre.
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Formula One, already struggling to shape  its future and put on a show, is staring into the abyss after  Ford's decision to pull out and sell its Jaguar team.
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US car giant Ford is expected to tell Jaguar workers on Friday that it will close the firm's historic Coventry factory
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Austrian energy drink makers Red Bull said on Monday they had bought the Jaguar Formula 1 motor racing team from Ford who withdrew the team after this year&#39;s world championship.
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Luxury carmaker Jaguar said Friday it was stopping assembly work at its headquarters and cutting 1,150 jobs as a result of overproduction and poor sales in the key US market.
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Briton Johnny Herbert has left the   Midland Formula One team after their takeover by Dutch   sportscar maker Spyker.
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Jaguar will pull out of Formula One at the end of 2004, with parent company Ford&#39;s engine maker Cosworth also up for sale. Ford&#39;s bombshell announcement on Friday has huge
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LONDON (CBS.MW) - Ford Motor Co. on Friday is expected to announce its plans for its main Jaguar factory in the UK, which could include closing the factory.