Jaguar Land Rover is to form a joint venture with China’s Chery Automobile in the UK premium carmaking group’s first foray into manufacturing in the world’s largest car market, writes John Reed in London.
Indian-owned JLR and Chery said on Wednesday that they had reached agreement on a proposed joint venture that would build vehicles under the British group’s two brands, as well as those of the joint company itself. The two companies did not disclose financial terms of the deal, which still must be approved by Chinese regulators.
China requires foreign carmakers wishing to build vehicles locally to form joint ventures and recently began requiring them to establish local brands.
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