Tata-owned Jaguar in 1bn pounds deal to manufacture cars in China plant
London, Nov 19 (ANI): Tata-owned Jaguar Land Rover is set to start manufacturing cars outside Britain for the first time in a 1billion pounds deal with a Chinese firm.
The UK-based luxury motor maker and China's largest vehicle exporter, Chery -Automobile, are building a new plant near Shanghai after striking a deal.
According to the Daily Mirror, Chiefs Ralf Speth and Yin Tongyao laid the -foundation stone of a new -manufacturing facility, which is scheduled for completion in 2014.
"For the first time one of the most famous names in the British automotive industry, Jaguar Land Rover, is poised to begin manufacturing outside the United Kingdom," the report quoted Speth, as saying.
"It seems only fitting this new venture will take place in the world's fastest-growing market for premium vehicles," Speth added.
The agreement follows an 80 percent rise in sales of Jaguar Land Rovers in China so far this year, the report said.
JLR hopes to boost last year's record 1.5billion pounds profits when the new factory opens, it added. (ANI)
Germany's Loew eager for victory against Georgia
March 28, 2015 at 11:21 PM
Offensive into Tikrit intensifies
March 28, 2015 at 11:11 PM
Family of Germanwings captain visit French crash memorial
March 28, 2015 at 11:08 PM
Former U.S. President Clinton bids farewell to Singapore's founder Lee
March 28, 2015 at 10:54 PM
DEVELOPMENTS IN AAP SHOCKING – UMESH SHARMA TO NNIS
March 28, 2015 at 10:44 PM
Malaysian protesters demand freedom for Anwar
March 28, 2015 at 10:40 PM