Jaguar, Chery start construction of new car factory in China
LONDON (Reuters) - Jaguar Land Rover and Chery Automobile said on Sunday they had laid the foundation stone for a new car factory in Changshu, China, near Shanghai.
The move had been expected after the partners recently won Chinese regulatory approval for the joint venture to make Jaguar Land Rover (JLR) vehicles and new models for a partnership brand in China.
The deal marks the latest effort by JLR, which is controlled by India's Tata Motors Ltd (TAMO.NS), to expand its appeal in the world's largest auto market, where luxury sedans and SUVs remain in hot demand even as the overall car market cools.
It will also help raise the profile of Chery, a mass volume player aspiring to gain access to the lucrative upscale segment dominated by foreign brands.
(Reporting by Ben Hirschler; Editing by David Cowell)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- California lawmakers end session with bills on plastic bags, gun control
- India says Pakistan border clashes "extremely serious and provocative"
- EU says could send over 1 bln euros more aid to Ukraine
- India nears $2.5 billion deal for Boeing military helicopters
A day after the best economic growth figures in more than two years greeted Prime Minister Narendra Modi's first three months in office, the finance minister on Saturday predicted faster growth to come. Full Article
Exclusive: Reliance plans $13 billion projects including new refinery. Full Article
In race for bigger margins, drug makers willing to lose the India "advantage". Full Article