Jaguar Land Rover has finalised an agreement with a Chinese carmaker to build vehicles in the world’s second-biggest economy.
The joint venture with Chery Automobile is a boost for JLR’s efforts to further expand its clout in the fastest-growing major market for its upmarket saloons and off-roaders. JLR – owned by India’s Tata – and Chery will seek regulatory approval for the £1.7 billion-plus venture in eastern China. A research and development facility will form part of the deal.
In a statement, JLR boss Ralf Speth and Yin Tongyao, chairman of Chery, said: “Demand for Jaguar and Land Rover vehicles continues to increase significantly in China and we believe that JLR and Chery can jointly realise the potential of these iconic brands.”
The plans come as JLR also invests heavily in its UK operations creating hundreds of jobs.