Howe said: 'The MG Rover Group is very different from the sprawling British group that BMW owned and now comprises 5,500 dedicated, well-trained and committed people - all of whom now have a genuine stake in the business with the recent share allocation announcement. Our sales plans are prudent and are set against a pragmatic cost base. The business plan is now in place and it requires no external financing to fund the company.
'We are now putting in place a series of retail finance agreements with major financial institutions, such as First National Finance. This is something all car companies do to ensure efficient retail and wholesale finance is available for its dealer networks.'
He also pointed out that MG Rover now had control over its parts business and has signed a 10-year partnership with Caterpillar for parts logistics. During 2000, MG Rover opened up new markets in Sweden, Norway and Australia and met its production, costs and sales targets every month. Howe added: 'Our company name now states what we do - we design, produce and sell products for two internationally renowned British automotive brands, MG and Rover.'