When the Rover motor group was sold in May 2000, it was losing £2m a day. The German carmaker BMW handed it over for £10 to the Phoenix consortium of Midlands businessmen led by John Towers, a former Rover Group executive. Over the past three years, its management has introduced new models, including the Rover 75 Tourer and sporty MG saloons. It is developing cars with a Chinese company, and has continued its alliance with Tata, the Indian carmaker, which plans to produce a small car for the European market. The latest available accounts, for 2001, show sales of £1,697m, an operating loss of £187m and a workforce of 6,695. The company, now run by chief executive Kevin Howe, hopes the launch of a medium-sized car will lead to its first profit.
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