Jaguar Land Rover and Chery Automobile Company agree on terms for proposed joint venture company in China
21 March 2012
Jaguar Land Rover (JLR) and Chery Automobile Company Ltd have reached agreement on a proposed joint venture in China. The scope of the proposed joint venture (JV) would include manufacture of JLR- and JV-branded vehicles; establishment of a research and development facility; engine manufacture; and sale of vehicles produced by the JV company.
JLR and Chery will now follow the official process to establish a joint venture company in China.
The companies are not disclosing terms and conditions of the commercial agreement at this time.
Jaguar Land Rover (JLR) is a wholly-owned subsidiary of Tata Motors. In 2005, sales in China accounted for 1% of combined Jaguar and Land Rover sales; China is now JLR’s third-largest market and is still growing. Annual sales in 2011 increased by 60%, to 42,000.
In 2011, Chery recorded sales of 643,000 units, ranked Nº 6 among the passenger vehicle manufacturers in China.
JLR (India + Chin) units and JV with Cherry could become a major producer within a few years. Tata and Cherry could also produce very affordable electrified vehicles for the growing local and export markets.
Posted by: HarveyD | 21 March 2012 at 12:21 PM
It is very big news,JLR to invest over Rs 2,800 cr in China JV. Both are very major Automobile Company.
New car search
Posted by: Account Deleted | 08 May 2012 at 11:18 PM