Chery Automobile and Jaguar Land Rover to form joint venture

Chery Automobile Co Ltd., China’s sixth-largest passenger vehicle producer, and India’s Jaguar Land Rover (JLR) have agreed to from a joint venture in China. JLR is the British premium vehicle producer owned by Tata Motors Limited. The joint venture plant, which the two companies plan to build in Changshu, Jiangsu province, will require an investment of CNY17.5 billion (US$2.77 billion) and is expected to be fully operational in July 2014. Demand for JLR’s vehicles has been on an upswing in China and sales have jumped from 1% of global sales in 2005 to 19% in 2011. (March 23, 2012)