Tata Motors acquired Jaguar and Land Rover from Ford in 2008. Ford was selling the brands because they had been losing money on them, posting $12.6 billion in losses in 2006. Tata hoped the acquisition would help them expand into the luxury vehicle market and European markets. The deal was valued at $2.3 billion. While Tata saw opportunities to grow Jaguar and Land Rover sales globally and diversify, integrating the luxury brands presented challenges as Tata had less experience with such brands and faced competition from established luxury automakers.