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Jaguar Land Rover lays foundation stone for new facility in China

November 19, 2012, 01:17 PM IST by Ninad Mirajgaonkar
Jaguar Land Rover lays foundation stone for new facility in China

Jaguar Land Rover has been working hard to set up a facility in China – the regulations are for the same very stringent and require JLR to tie-up with local company and also roll-out co-branded cars. Tata owned luxury brands have agreed to all the mandates, formed a JV with the Chinese company called Chery automobiles – for a simple reason. China is now the second largest market for JLR, contributing about 27 per cent of company’s total sales.

Jaguar Land Rover entered into joint venture with Chery automobiles in March 2012. The scope of the JV includes establishment of a research and development facility, building JLR and co-branded cars, engine manufacture and sale of vehicles produced by the JV company. Last month Chinese government gave an approval for the JV and immediately the partners have commenced operations to build new facility in Changshu, Jiangshu province in China.

JLR and Chery have laid the foundation stone yesterday, as part of 10.9bn RMB (USD 1.75 billion) investment plan. The benefits of the joint venture to China include investment, job creation, advanced technology and low carbon solutions. At the ceremony the name of the new company was also announced – the equal partnership will be called, Chery Jaguar Land Rover Automotive Company Ltd.

In a joint statement, at the press conference in Jiangsu, Dr Ralf Speth, Jaguar Land Rover chief executive officer, and Mr Yin Tongyao, chairman and chief executive officer of Chery Automobile Company, said, "We are delighted to have reached this milestone, achieved thanks to the understanding and foresight of the Chinese authorities and we want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market.

 

Tags:Land Rover,Jaguar,JLR,Chery,JLR-Chery JV,JLR-Chery joint venture
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