Tata Motors’ Jaguar Land Rover unit and Chery Automobile Co will invest 10.9 billion yuan (€1.25 billion) to build a manufacturing plant in eastern China and create a new brand to cater to the nation’s consumers.
The 50:50 venture will also set up a research and development centre and build an engine plant as part of the investment, according to a statement by Jaguar Land Rover.
It didn’t say which models will be built at the new factory, targeted for completion in 2014.
“China is now our biggest market,” said Ralf Speth, chief executive officer of Jaguar Land Rover, after the groundbreaking ceremony for the factory in Changshu, Jiangsu province.
“The Chinese economy has grown at a phenomenal rate in recent years and by any western standard, and I’m convinced that it is set to continue to grow at an astounding rate into the future.”
– Bloomberg
