Ford considers selling Aston Martin to raise money

Ford Motor Co. said Thursday it may sell all or part of its Aston Martin brand as it explores ways to raise money for its North American turnaround.

"As part of our ongoing strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value," the automaker's chairman and CEO Bill Ford said in a statement.

A company spokesman said Ford made the announcement on Thursday because it has had inquiries from parties interested in Aston Martin. It would not disclose

who the interested parties were.

Ford said Aston Martin's dealer network, product and size are distinctly different

from other Ford brands, and called it the most logical and capital-smart divestiture choice.

"The objective of any sale would be to position Aston Martin within a structure and resource base sufficient to allow it to reach its full potential, while enabling Ford to efficiently raise capital for its other brands," Ford said.

The company said it hasn't made any decisions about its other Premier Automotive Group brands, which include Jaguar, Land Rover and Volvo.

Ford said last month it would speed up its Way Forward turnaround plan. The plan calls for cutting as many as 30,000 jobs and closing 14 plants by 2012 to return Ford's North American vehicle operations to profitability.