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Chery denies seeking loans for JV with Jaguar Land Rover

May. 10, 2012 (China Knowledge) - Chery Automobile Co Ltd, the largest private automaker in China, has denied that it is seeking a syndicated loan worth RMB 6 billion or US$951 million to finance its joint venture with Jaguar Land Rover, a unit of India's Tata Motors Ltd.

Chery Assistant General Manager Jin Yibo said the JV is still awaiting approval from Chinese regulators, adding that there have been no negotiations between Chery and banks for any loan.

On Mar. 22, Chery and Jaguar Land Rover inked an agreement to launch a 50:50 JV in China with an investment of RMB 17.5 billion. A new auto plant with a designed annual output capacity of 80,000 units is expected to be put into operation in July 2014, and the capacity would be expanded to 180,000 units eventually, sources reported.

Analysts said Chery is likely to spend more than RMB 8.75 billion to finance the new JV.

Chery saw its auto exports for last month surge 40.1% month on month or soar 39.1% year on year to 17,400 units.

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