According to press reports, the two UK car makers could be worth about £1bn, but Ford's plans to retain minority stakes in both businesses could destroy any profits generated from selling them.

Ford is understood to be seriously considering three bids. One from investment group One Equity Partners. It's negotiations are being led by ex-Ford boss Jac Nasser, and Indian vehicle makers Mahindra and Tata.

Any buyer would also have to face the cost implications of separating Jaguar and Land Rover from Ford's financing purchasing and research and development operations.