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Chery, JLR Launch $1.7 Billion Venture in China
Chery Automobile Co. and Tata Motors Ltd.'s Jaguar Land Rover unit and have broken ground for a $1.7 billion complex in Changsu near Shanghai that includes an R&D center, assembly and engine plants and development of a new China-specific brand.
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Chery Automobile Co. and Tata Motors Ltd.'s Jaguar Land Rover unit and have broken ground for a $1.7 billion complex in Changsu near Shanghai that includes an R&D center, assembly and engine plants and development of a new China-specific brand.
Called Chery Jaguar Land Rover Automotive Co. Ltd., the Chinese venture expects to begin building vehicles in 2014 with annual capacity of 130,000 vehicles. JLR has said the first model will be Land Rover's Freelander or Range Rover Evoque compact SUV, followed by Jaguar cars and eventually by models for the unnamed new brand.
China is JLR's largest and fastest-growing market. Sales there of the units two luxury brands soared 78% year over year in the first 10 months of 2012. Local production will allow JLR to avoid China's 25% tariff on imported vehicles.
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