Ford will next week say whether it will proceed with selling Jaguar and Land Rover after receiving a surprise offer for the British luxury carmakers from TPG Capital, the private equity firm, along with several other approaches.

The cash Ford is seeking to recoup from the sale of the two carmakers is said to have dropped from its initial target above $5bn to a level closer to $3bn, according to auto executives. It paid $2.7bn for Land Rover in 2000.