Ford to close Jaguar plant

Ford Motors raised its third-quarter earnings forecast and said it would end unprofitable Jaguar car production at a plant in Coventry, England, and pull out of Formula One racing.

Third-quarter earnings will be 10 US cents to 15 US cents a share, excluding items, up from the previous forecast of break-even to 5 cents, Ford said.

The Jaguar and Formula One cuts will result in a pre-tax charge of €370m.

Ford will cut 1,150 jobs and shift car making from the 53-year-old Browns Lane factory to another British plant.