Press Report : JLR sign £1bn deal to sell 40,000 cars in China
Automotive News Europe/Reuters, 11th January, 2011
LONDON (Reuters) – Britain and China signed business deals worth around £2.6 billion ($4 billion) on Monday which include increased sales of Jaguar Land Rover (JLR) vehicles to China.
JLR, a unit of Indian group Tata Motors Limited, has committed to sell 40,000 Jaguar and Land Rover vehicles, worth more than £1 billion, in China in 2011. The deals were signed during a visit to Britain by China’s vice premier, Li Keqiang, widely tipped to become the next Chinese premier. Billions of dollars worth of agreements were announced during Li’s visits to Germany and Spain last week.
Joint sales venture
Jaguar Land Rover CEO, Dr. Ralf Speth, said the deal to sell more vehicles in China, the world’s largest car market, “not only signals the acceleration of our growth plans but also reflects both the importance of the Chinese market to Jaguar Land Rover and our value to the UK economy.”
JLR has three British manufacturing plants. Tata Motors said in October JLR was in talks with a Chinese automaker to establish a manufacturing and sales joint venture in China.
The British Government, which hopes private-sector job creation will power economic recovery despite public-sector job cuts, said all the deals would safeguard 700 jobs in Britain.
[Source: Automotive News Europe/Reuters]