Ford to sell Aston Martin

UPDATE #2 BMW Chief Executive Norbert Reithofer said the German automaker has no interest in buying the iconic Aston Martin brand. Ford Motor Co. has put up for sale the famed English maker of sleek and expensive cars. “We are a focused company and we want to stay a focused company. We’re not interested," he said during a conference call with analysts.

08/31/06 This rumor is now upgraded to 'fact' – see Hot News page for story.

08/31/06 Ford Motor Co. said Thursday it has begun the process of exploring a possible sale of all or part of its Aston Martin luxury brand as the company works to speed up its North American turnaround.

“As part of our ongoing strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value," Bill Ford, the automaker’s chairman and chief executive, said in a statement.

He said the Aston Martin’s dealer network, design and size are different from other Ford brands and the most logical choice for possible sale. He said no decisions have been made about its other Premier Automotive Group brands.

“We continue to be encouraged by Jaguar’s progress and by the strength and consumer appeal of the Jaguar, Land Rover and Volvo product lineups" he said.

In July, Ford pledged to speed up and possibly deepen its North American turnaround plan.

Dearborn-based Ford’s “Way Forward" plan, launched in January, calls for shedding 25,000 to 30,000 jobs and closing 14 plants by 2012 to help return Ford’s North American automotive operations to profitability.