The Economic Times
Jaguar Land Rover and Chery Automobile Co are seeking regulatory approval for a 17.5 billion yuan ($2.78 billion) car venture in eastern China, two people with direct knowledge of the deal told reporters on Monday. The venture, to be located close to Shanghai in Changshu city, will make Land Rover SUVs initially, followed by Jaguars in the second phase, one person told reporters.
‘The plan is still subject to the approval of the National Development and Reform Commission at this state. The size of the investment could be adjusted accordingly,’ another person said.
The venture is also subject to approval from other government bodies. Both sources declined to be named because of the sensitive nature of the proceedings. JLR, controlled by India’s Tata Motors Ltd had previously explored joint venture deals with other Chinese partners, including Great Wall Motor Co Ltd.
A Tata Motor spokesman declined to comment on the Chery tie. Chery executives could not immediately be reached.
[Source: The Economic Times]
Is the Editor of the Parkers website and price guide, formerly editor of Classic Car Weekly, and launch editor/creator of Modern Classics magazine. Has contributed to various motoring titles including Octane, Practical Classics, Evo, Honest John, CAR magazine, Autocar, Pistonheads, Diesel Car, Practical Performance Car, Performance French Car, Car Mechanics, Jaguar World Monthly, MG Enthusiast, Modern MINI, Practical Classics, Fifth Gear Website, Radio 4, and the the Motoring Independent...
Likes 'conditionally challenged' motors and taking them on unfeasible adventures all across Europe.