Feb. 24, 2012 (China Knowledge) - Chery Automobile Co Ltd, the largest private automaker in China, and Jaguar Land Rover plan to launch a joint venture with an investment of RMB 17.5 billion in the Changshu
Economic and Technological Development Zone of Jiangsu
Province, sources reported.
Zhang Jianzhong, deputy secretary of the zone's Party Working Committee, confirmed the news. Chery has yet commented on the news.
CR Ramakrishnan, chief financial officer of Tata Motors of India, the parent co of Jaguar Land Rover, said the company has selected a Chinese partner for the launch of a JV without disclosing the partner's name, adding that more details will be disclosed by Tata in the near future.
A person familiar with the matter noted the proposed JV will start an auto plant and an engine facility only for its Land Rover models.
This will be Chery's second JV. At the middle of last year, the Chinese auto maker and Israel Corp set up a JV named Qoros Auto, formerly known as Chery Quantum Auto Co.