Ford Motor Co.'s European luxury unit on Sept. 9 revealed three new production cars and a concept vehicle aimed at reversing its flagging
fortunes, according to the Detroit Free Press.
Ford created Premier Automotive Group to turn its four European luxury brands -- Volvo, Jaguar, Land Rover and Aston Martin --
into a unit that would save money and eventually generate as much as one-third of Ford's global profit by selling more high-profit cars and trucks. But PAG has been a disappointment after losing $900 million in
2002 and $88 million in the first quarter of 2003, the Free Press said.
PAG showed signs of improvement in the second quarter with a $166-million pretax gain on a
16-percent boost in revenue from the same quarter of 2002, the Free Press reported.
The cars introduced at the Frankfurt auto show will go a long way toward determining PAG's success for several years, according to the Free Press. The new models include a
station wagon version of the Jaguar X-type, the new $146,800 Aston Martin DB9 luxury sports car and the new Volvo S40 compact, which should
sell for around $21,000 when it debuts in the United States in March, the Free Press said.