Jaguar in £1bn China deal: Luxury car manufacturer ties up deal for new Shanghai plan
 

The agreement follows an 80% rise in sales of Jaguar Land Rovers in China so far this year

Jaguar Land Rover is to start manufacturing cars outside the UK for the first time in a £1billion joint venture.

The Coventry-based luxury motor marque and China’s largest vehicle exporter, Chery *Automobile, are building a new plant near Shanghai after striking a deal.

The agreement follows an 80% rise in sales of Jaguar Land Rovers in China so far this year.

Chiefs Ralf Speth and Yin Tongyao yesterday laid the *foundation stone of a new *manufacturing facility, which is scheduled for completion in 2014.

Dr Speth said: “For the first time one of the most famous names in the British automotive industry, Jaguar Land Rover, is poised to begin manufacturing outside the United Kingdom. It seems only fitting this new venture will take place in the world’s fastest-growing market for premium vehicles.”

JLR, which is owned by Indian firm Tata Motors, hopes to boost last year’s record £1.5billion profits when the new factory opens.
The venture in Changshu comes after months of negotiations with the Beijing regime, which owns Chery. Burgeoning Chinese sales this year come on top of a 60% rise last year, driven mainly by the Jaguar XJ and XF models and strong demand for the fuel-efficient Range Rover Evoque.

Building vehicles in China means the firm will avoid import duties on cars it sells there. JLR has not yet revealed which model will be made in the Far East, but has said in the past it is likely to be the Land Rover Freelander or the Evoque.

The partnership, named Chery Jaguar Land Rover Automotive Company, has also been given a licence to manufacture new models for a domestic brand in China.

They said in a joint statement: “We are delighted to have reached this milestone thanks to the understanding and foresight of the Chinese authorities. We want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market.”

Jaguar Land Rover, which employs 25,000 people, said any cars produced would be in addition to its existing output – and it has no intention of moving its manufacturing base out of Britain.

Bron:
http://www.mirror.co.uk/lifestyle/m...bn-deal-1444590

Eigen mening:
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