China approves Chery-JLR joint venture

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China has approved a joint venture which will see Jaguar Land Rover (JLR) make and sell luxury cars in China in partnership with domestic company Chery Automobile, official media said Monday.

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State planner the National Development and Reform Commission approved the joint venture seven months after it was announced by the car manufacturers, Xinhua news agency said.

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The 12-billion-yuan ($1.89 billion) venture was approved in half the time the process commonly takes in China because “Chery was familiar with the approval procedure and did not waste time”, a company spokesman told the news agency.

The joint venture will set up a research and development facility and a manufacturing plant in the eastern city of Changshu in Jiangsu province.

It is scheduled to become operational in 2014 and will produce 130,000 vehicles a year, mainly Land Rover and Jaguar vehicles but also some co-branded cars, Xinhua said. Sales of JLR cars reached 53,000 in China in the first nine months of the year, up 80 percent from a year earlier, according to figures from the China Association of Automobile Manufacturers quoted by the news agency.

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JLR’s owner, India’s Tata Motors, has revealed plans to double its investment in its subsidiary to 1.5 billion pounds a year.

Via: BusinessRecorder.

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