Mar. 22, 2012 (China Knowledge) - Chery Automobile Co Ltd, the largest private automaker in China
, and Jaguar Land Rover, a unit of Tata Motors of India, announced yesterday that they have reached an agreement to establish a 50:50 joint venture in China
for luxury cars.
Both parties said that the JV will be mainly engaged in the manufacture of JLR- and JV-branded vehicles, engine manufacturing and sales of vehicles produced by the JV. In addition, the JV will set up a research and development center.
The establishment of the JV is an exciting prospect for both sides as demand for Jaguar and Land Rover vehicles continues to increase significantly in the world's largest auto market, said Ralf Speth, CEO of JLR, and Yin Tongyue, chairman and general manager of Chery, in a joint statement.
In 2011, JLR's sales in China
, the company's third largest market, surged 60% year on year to 42,000 units.