31 May 2001: MG Rover chairman John Towers says his company will survive because it is operating on the sound business principles of a private medium-sized company. In an interview with Automotive News Europe, he noted that critics of the purchase of Rover from BMW a year ago had said they would 'die in three months, then six months, then nine months'. But a year later the company is still alive and has more cash in the bank than on the day of the takeover.

Towers sees MG Rover's small size as an asset, not a liability. So far this year it has cut £600 million in annual costs and is negotiating to purchase the BMW engine plant in Longbridge that supplies MG Rover's powertrains.

A single replacement for its old 25 and 45 models is planned for release in late 2004 with an investment of around £300 million, probably in collaboration with major suppliers.

The sales target for 2001 is 190,000 units. Sales were 165,002 for the 12 months ending in April. TW