"Jaguar
Land Rover and Chery will now accelerate plans to build a joint venture
manufacturing plant in Changshu, near Shanghai, as part of a 10.9 billion
renminbi investment that will also include a new research and development
centre and engine production facility," a JLR statement said.
JLR and
Chery Automobile had formally laid the foundation stone for their new
manufacturing facility in China, it added.
The
project includes the creation of a new partnership brand to assemble models
tailored specifically for the Chinese market, including the marketing and
distribution, it added.
"The
two companies plan to complete the Changshu facility in Jiangsu province during
2014. Construction of a new engine plant for production of fuel efficient
engines is also part of the JV partnership agreement," it said.
The equal
partnership will be called Chery Jaguar Land Rover Automotive Company.
In a
joint statement, Jaguar Land Rover Chief Executive Officer Ralf Speth and Chery
Automobile Company Chairman and Chief Executive Officer Yin Tongyao said,
"...We will now begin working in close collaboration on our partnership
plans to harness the capabilities of our respective companies, to produce
relevant, advanced models for Chinese consumers."
Chery
Jaguar Land Rover Automotive Company will also produce models for a domestic
brand tailored specifically to local customer demand, the statement added.
The sales
of Jaguar and Land Rover brands in China rose 80% in the first 10 months of
2012. In the 2011 calendar year, Jaguar Land Rover saw sales increase more than
60%, driven mainly by the Jaguar XJ and XF models, and strong demand for the
fuel-efficient Range Rover Evoque.
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