MG Motor UK, a Chinese-owned company that makes the British TF sports car, will halt production for six months and won’t resume until March of 2010. The move comes as sales of the low-volume sports car start to slow down. The MG TF is the only vehicle currently assembled at the huge Longbridge factory in England.
Once a very popular model in 1995, the midengined two-seater TF sports car was UK’s best-selling sports car for years. However, MG sold just 265 units in the first nine months of 2009. September was its best month with a total of 65 units sold and the company has sold out of all 50 copies for its 85th anniversary model.
Guy Jones, MG’s head of sales and marketing, said that the compact sports car market in down 30 percent and 40 percent since 2007. He said that about 20 of the 100 vehicle assembly workforce will be laid off.
When production kicks off again in March 2010, Jones said that MG will add another model on top of the TF. It will be based on the 85th anniversary model.
– By: Kap Shah
Source: Inside Line