Jaguar Land Rover joins hands with Chery for JV in China
The new JV entity will also manufacture engines and set up a research and development centre in China.
"Jaguar Land Rover (JLR) and Chery Automobile Company Ltd have reached agreement on a proposed joint venture in China.
The agreement follows extensive talks between JLR and Chery on establishing an equal partnership company," JLR said in a statement.
The scope of the proposed JV will include manufacture of JLR and JV-branded vehicles, establishment of a R&D facility, engine manufacturing and sale of vehicles produced by the JV company, it added.
The statement further said JLR and Chery will now follow the official process to establish a JV company in China.
In a joint statement, JLR Chief Executive Officer Ralf Speth and Chery Automobile Chairman and Chief Executive Officer Yin Tongyao said: "Working together on this proposed joint venture is an exciting prospect for both JLR and Chery.
"Demand for Jaguar and Land Rover vehicles continues to increase significantly in China and we believe that JLR and Chery can jointly realise the potential of these iconic brands in the world's largest car market."
Both the companies' ambition is to leverage respective strengths in R&D, manufacturing excellence and local consumer knowledge to offer Chinese customers the most advanced and highly efficient products, they added.
The statement, however, said terms and conditions of the commercial agreement are not being disclosed at
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