After divesting of its commercial vehicle and bus manufacturing divisions the company then consisted of the car manufacturing arm Austin Rover Group and the Land Rover Group. This group was privatised in 1988 by the sale of the company to British Aerospace, who retained Canadian Graham Day as joint CEO/Chairman, and made Kevin Morley MD for Rover cars. On 31 January 1994 BAe sold the company on to German vehicle manufacturer BMW. Millions of pounds of investment by BMW failed to turn the company into profit. BMW retained Mini production, sold Land Rover to Ford and the remainder to the Phoenix Consortium as The MG Rover Group. Land-Rover was subsequently sold by Ford to TATA Motors; the rights to the Rover brand name are now owned by TATA Motors of India, owners of both Land-Rover and Jagu