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].