Ford Motor Co.'s Jaguar unit canceled plans to add the F-Type sports car to its lineup, a sign that Ford's financial losses are forcing cutbacks in product plans, analysts said, according to a report in the Detroit News
The two-seater was an updated version of the 1960s Jaguar E-Type roadster. The company said in January 2001 that it would build the car within three years and that it would cost less than a $75,000 Jaguar XK8 coupe.
Ford had a 2001 loss of $5.45 billion, its first annual loss since 1992 as U.S. sales and market share fell. The company has been cutting jobs and product development costs to break even
Jaguar said it will concentrate on revamping its existing four-car lineup and introducing diesel engines within two years. "With the money and resources required, the F-Type was going to be a bit of a stretch," said Mark Fulthorpe, a CSM Worldwide automotive consultant in Byfleet, England.