CHANGSHU, China: Tata’s Jaguar Land Rover rolled out its premium Range Rover Evoque at colorful ceremony here formally inaugurating its over USD 1.7 billion factory where it is set to manufacture new Jaguar models in a joint venture with China’s Chery Automobile Company by 2016.
Tata Group’s Chairman Emeritus Ratan Tata, group Chairman Cyrus Mistry along with top British and Chinese officials took part in the inauguration of the new plant which has begun production of the cars, which has been one of fast selling luxury brand vehicles in China, the world’s largest automobile market.
The state-of-the-art plant which is set to manufacture about 1.30 lakh vehicles per annum formally rolled out its first batch of vehicles at the ceremony.
The new plant-opening forms part of RMB 10.9 billion (Over USD 1.7 billion) joint venture investment demonstrating Jaguar Land Rover’s commitment to the Chinese market, JLR officials said.
Land Rover, which has become niche vehicle among the Chinese wealthy, is already selling about lakh of imported vehicles, making China its largest market.
The new factory is expected to cater for about 30 per cent rise in JLR sales in Chinese market.
With 27 million car sales per annum China currently has the biggest automobile market in the world constituting one fourth of the global market.
The 400,000 square-meters plant was launched within two years of foundation laying ceremony.
Located in the Changshu Economic Development Zone north of Shanghai, the factory is part of a RMB 10.9 billion joint venture investment plan.
Besides Tatas, Ralf Speth, Chief Executive Officer of Jaguar Land Rover, and Yin Tongyao, Chairman and Chief Executive Officer of Chery Automobile Company, welcomed the formal opening of the facility that aims to be the most advanced and efficient car factory in China.
“The opening of this world-class facility is an important milestone for Jaguar Land Rover. Since its launch, one in five Range Rover Evoques have been sold in China,” Speth said. -PTI
