Jaguar gives up on Formula One
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London, England (Sports Network) - Jaguar Racing made the announcement on Friday that it would no longer be competing in the series at the end of the 2004 season.
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Briton Johnny Herbert has left the   Midland Formula One team after their takeover by Dutch   sportscar maker Spyker.
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Luxury carmaker Jaguar said Friday it was stopping assembly work at its headquarters and cutting 1,150 jobs as a result of overproduction and poor sales in the key US market.
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Plans to stop production at a Jaguar car plant in the West Midlands are discussed by MPs.
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Hard-pressed luxury marque Jaguar says it will cut about 1,150 jobs at its main plant in Coventry in a bid to return to profits, in another blow to Britain&#39;s fading glory as a carmaking centre.
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Jaguar will pull out of Formula One at  the end of 2004, with parent company Ford's engine maker  Cosworth also up for sale.
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Formula One supremo Bernie Ecclestone confirmed on Friday that he has closed a deal for the Spanish city of Valencia to hold a grand prix on a brand new urban circuit next year.
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British carmaker Jaguar will cut production by some 15,000 units over the rest of 2004 amid slack demand, a Jaguar spokesman said on Friday.
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Red Bull will not be rushed into any decision about drivers after buying the Jaguar Formula One team on Monday, says team boss Tony Purnell.
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Production of Jaguar cars is to end at one of its main UK factories, with the loss of 1,150 jobs. About 750 white collar workers and 400 production staff will lose their jobs at the Browns Lane site in Coventry
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Ford said on Friday its Jaguar Formula  One team would pull out of the sport at the end of the 2004  season and its Cosworth engine company was also up for sale.
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US carmaker Ford has sold Formula One team Jaguar and engine supplier Cosworth, it announced Monday. Cosworth was bought by Champ Car co-owners Kevin Kalkhoven and Gerald Forsythe, while Milton Keynes-based
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LONDON, Sept 30  - The British Grand Prix has been dropped from the Formula One schedule for the first time in over 50 years, it was reported on Thursday.
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Red Bull have this morning been confirmed as the new owners of Jaguar Racing after Ford completed their withdrawal from Formula One.
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As had been predicted, Ford has announced that car production is to cease at Jaguar&#39;s Browns Lane plant in Coventry , England .
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In a bid to stop the bleeding in its European luxury brands, Ford Motor Co. announced a $450-million plan to close a Jaguar plant, eliminate hundreds of salaried and contractor positions and sell its Formula One team.
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Jaguar have announced that they will pull out of Formula One at the end of the year. Joe Greenwell, company chairman and chief executive, said that revealed financial reasons were behind the company&#39;s decision to end interest in the sport.