In another two years, consumers who like SUVs may be able to buy domestic Land Rover. Recently, the groundbreaking ceremony for the Chery Jaguar Land Rover joint venture project was held in Changshu Economic and Technological Development Zone, Jiangsu Province.
It is understood that the joint venture application has completed the relevant national examination and approval procedures. The total investment of the joint venture company is 10.9 billion yuan, and the joint venture’s share ratio is 50:50. Yin Tongyue, chairman of Chery Automobile Co., Ltd., said that the joint venture between the two parties is unprecedented in the depth and breadth of the cooperation model. It is reported that, in addition to the vehicle production base, the joint venture company will also build a joint research and development center, engine production base, will also sell its own production of Jaguar, Land Rover products and the introduction of a new, tailor-made for the Chinese market, a joint venture independent brands. The project is expected to be completed and put into production in 2014.
Jaguar Land Rover Global CEO Schweeder said that China is already the largest overseas market for Jaguar Land Rover except the UK. In 2011, Jaguar Land Rover sales in China grew by more than 60%. In the first 10 months of this year, the year-on-year increase was even higher. 80% of its sales exceeded 60,000 vehicles. In the overall downturn of the Chinese auto market, its performance stood out. In 2005, Jaguar Land Rover sold only 1% of its global sales in the Chinese market.
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