Wednesday, May 11, 2011
Williams F1 aims to build on Jaguar Land Rover supercar partnership
The C-X75 on display in Paris last year
The chairman of the Williams Formula One team says he wants to establish a "very strong relationship" with Jaguar Land Rover after linking up with the luxury manufacturer to produce a 200mph hybrid sports car.
Adam Parr said the deal with JLR, which involves Williams producing hybrid technology and aerodynamics for the new £700,000 C-X75, is "fundamental to understanding our business going forward".
He was speaking as Williams on Tuesday reported pre-tax profits had almost trebled in 2010 after cost-cutting in the sport helped offset the impact of falling sponsorship revenues, including the loss of Royal Bank of Scotland as a backer.
Sir Frank Williams, team principal, said the results were "solid" given "one of the harshest sponsorship environments for a long time".
In March, Williams became the first F1 team to float, but its Frankfurt-listed shares have slipped from €25 to below €20 since and it has also endured a disappointing start to the F1 season.
However, Mr Parr said the deal with JLR showed the company's strategy is "on track". "Our plan is to develop a very strong relationship with JLR outside of Formula One, to have a long-term partnership based around high-performance road cars," he explained. "It will help us attract better people and to perform on the track as well as off."