Tata Motors’ Jaguar Land Rover on Wednesday announced that it has reached an agreement on a proposed joint venture in China with Chery Automobile Company.
The union, which will manufacture and sell vehicles in China, will be a boost for the luxury British brand in its endeavours to expand even further into the world’s largest automotive market.
Both companies will hold an equal stake in the merger company, which will set up a research and development facility and an engines manufacturing plant.
In a joint statement JLR CEO Dr Ralf Speth and CEO of Chery Automobile, Yin Tongyao, said: “Working together on this proposed joint venture is an exciting prospect for both JLR and Chery. Our ambition is to leverage the respective strengths of our two businesses – in research and development, technological innovation, manufacturing excellence and local consumer knowledge – to offer Chinese customers the most advanced, highly efficient products featuring the very latest technologies.”
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