Former BMW Executive Appointed Chairman of Jaguar Cars Amid Government Bailout Talks

David Reitzle, a former BMW executive, has been appointed chairman of Jaguar Cars, effective Monday. Reitzle's appointment comes as BMW and the UK government engage in talks over a potential £1.7 billion investment in new facilities at the Longbridge plant in Birmingham. The talks aim to provide government aid for the investment, with BMW demanding £590 million, while the government has offered £118 million. Reitzle's task at Jaguar will be to quadruple annual output and sales to 200,000 by 2002 and boost Ford's luxury car sales to 1 million within 10 years.

Key Takeaways:

• David Reitzle, former BMW executive, appointed chairman of Jaguar Cars.
• Reitzle's task at Jaguar is to quadruple annual output and sales to 200,000 by 2002.
• The UK government is negotiating with BMW over a potential £1.7 billion investment in new facilities at the Longbridge plant in Birmingham.
• BMW is demanding £590 million in government aid, while the government has offered £118 million.
• Reitzle replaces Nick Scheele, who has overseen the development of the S-Type and Baby Jag sports cars.
• The talks aim to provide government aid for the investment, which will support the development of a new range of medium-heavy vans by LDV and Korean partners Daewoo.

Statistics:

• £1.7 billion: potential investment in new facilities at the Longbridge plant in Birmingham.
• £590 million: BMW's demand for government aid.
• £118 million: the government's offer of aid.
• 200,000: target annual sales for Jaguar by 2002.
• 1 million: target luxury car sales for Ford within 10 years.
• £400 million: investment by LDV and Korean partners Daewoo in developing a new range of medium-heavy vans.

Sources:

• "Byers optimistic over BMW aid talks" - The Guardian, dated [no date given].
• "BMW and Ford in talks over Longbridge" - The Times, dated [no date given].
• "Jaguar Cars appoints chairman" - Ford press release, dated [no date given].