UK-based car manufacturer Jaguar Land Rover entered a joint venture with Chinese carmaker Chery Automobile to construct a factory near Shanghai, The Guardian reported. The new plant is subject to approval from the Chinese government and will, along with other plans, mark the first time Jaguar makes finished automobiles outside of the UK. The Indian-owned auto maker will launch a new car under the venture, in addition to its existing models. Chinese demand has helped drive Jaguar’s strong growth in recent years, with gross profits rising to US$2.39 billion in 2011, up 35% from 2010. To meet demand, the company also plans to expand in Brazil and recently introduced 24-hour shifts to one of its English plants. Chief Executive Ralf Speth, commenting on the move, said Jaguar had to “go where the markets are.”
You must log in to post a comment.