An automotive industry expert says Ford should consider selling its multi-billion dollar finance arm, or even Volvo, before it thinks about Jaguar's fate.

Michael Wynn-Williams, an analyst with research company Trend Tracker was talking about Jaguar speculation following plans for a strategic review of the group.

He aid: "Jaguar is Ford's only defence against the rise of the premium brands. Survival for Jaguar is also a matter of do or die for Ford."