Under British Aerospace, however, the Rover Group continued to lose money, and in 1994, it passed into the hands of the then-acquisitive BMW. Again, the story of "the English Patient" is well-documented; arguably the only good thing to come out of this unfortunate episode for both companies was the Rover 75 range, which went on sale in June 1999. Desperate to offload a company it could neither work with nor turn a profit from, BMW announced its intentions to break up the group in spring 2000. Keeping the Mini brand and the Cowley production facility - and the rights to the Rover brand name - BMW sold Land Rover to Ford's Premier Automotive Group and Rover itself, along with MG, was sold for the now-famous token £10 to a consortium of its former executives - who also received a multi-million interest-free 50-year loan from BMW as a "dowry". The consortium, Phoenix Venture Holdings, were also given the rights to use the Rover brand name under licence.
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| British hot rod: the 75 V8 |
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Since 2000, the 200- and 400-series models received minor updates and been redesignated as the 25 and 45; the ranges also expanded to include the popular MG-badged ZR, ZS and 75-based ZT and ZT-T models. Revisions were also been made to the ageing MG F roadster, now the MG TF, and there have been launches of all-new models: controversially, the 'replacement' for the old Metro/Rover 100, the Indian-built CityRover. More exciting has been the MG XPower SV super-coupe, aided by the company's purchase of Italian sports car maker Qvale and developed from that firm's Mangusta. Higher-powered versions of the MG ZT have made their debut, including a rear-wheel drive model with a Ford Mustang V8, but these have only niche appeal, and overall, MG Rover sales have plummeted as the mainstream ranges have got ever more outdated. Rumours have persisted about the long-overdue all-new replacement for the 45, and why this has taken so long since the concept prototype, the TCV, made its debut. It now looks as if this car may never reach production.
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| 45 replacement based on the TCV concept prototype never made production |
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Over the past few years, MG Rover's parent company, Phoenix Venture Holdings, has sought partnerships and joint ventures with foreign companies to gain a much-needed cash injection. Tata, Proton and a couple of Chinese manufacturers have all been in talks with the firm, and MG Rover confidently announced a deal with the Shanghai Automotive Industry Corporation. However, this week, SAIC pulled out, and it has been announced that MG Rover is going into receivership. At this point, the future of the company is the most uncertain it has ever been; PVH has separated off profit-making concerns, such as the Powertrain engine-making business, from the car-making business, and sold off much of the Longbridge site in what has been described as an asset-stripping exercise. Otherwise, there is very little left of Rover, and what there is comes with huge financial liabilities. But the company has undergone several spectacular rebirths already, and may do so again: some analysts predict a 'fire sale' to SAIC after receivership, putting the firm wholly into Chinese hands, or its reinvention as a specialist niche model manufacturer. Another 100 years? We'll keep you informed of all the latest developments.
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MG: 80th Anniversary
