The British car maker Jaguar Land Rover and the Chinese automaker Chery Automobile Company Ltd. laid the foundation stone for their new manufacturing facility in China. The Chinese Government has given a formal approval and the licence to manufacture the Jaguar Land Rover vehicles and the new models for a partnership brand in China.
The joint venture manufacturing plant would come up in Changshu, near Shanghai, as part of a 10.9bn RMB investment. This would include an research and development centre and also engine production facility.
At a press conference in Jiangsu, Dr. Ralf Speth, Jaguar Land Rover Chief Executive Officer, and Mr Yin Tongyao, Chairman and Chief Executive Officer of Chery Automobile Company Ltd, said: "We are delighted to have reached this milestone, achieved thanks to the understanding and foresight of the Chinese authorities and we want to thank them for recognising the potential of our joint venture in the fast-growing Chinese market. Together, 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."
Dr. Ralf Speth and Mr Yin Tongyao confirmed the name of the new joint venture company as Chery Jaguar Land Rover Automotive Company Ltd. The company will also produce models for a domestic brand, in addition to established vehicles, in order to meet the local customer demand. Chery is the the largest Chinese car exporter and is in the automobile industry for the past 15 years. Its partnership with Jaguar Land Rover depicts the start of international expansion and strategic development.