Jaguar Ladd Rover announced that it has reached an agreement with Chery Automobile Company Ltd on a joint venture for China. The agreement comes after talks between JLE and Chery on putting together an equal partnership.
The partnership proposes a joint venture which 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.
“Working together on this proposed joint venture is an exciting prospect for both JLR and Chery,” said Dr Ralf Speth, JLR Chief Executive Office. “Demand for Jaguar and Land Rover vehicles continues to increase significantly in China and we believe that JLR and Chery can jointly realise the potential of these iconic brands in the world’s largest car market.”
The two did not disclose the terms and conditions of the agreement.
– By: Omar Rana