Tata-owned Jaguar in 1bn pounds deal to manufacture cars in China plant
Tata-owned Jaguar Land Rover is set to start manufacturing cars outside Britain for the first time in a 1billion pounds deal with a Chinese firm.
The UK-based luxury motor maker and China's largest vehicle exporter, Chery Automobile, are building a new plant near Shanghai after striking a deal.
According to the Daily Mirror, Chiefs Ralf Speth and Yin Tongyao laid the foundation stone of a new manufacturing facility, which is scheduled for completion in 2014.
"For the first time one of the most famous names in the British automotive industry, Jaguar Land Rover, is poised to begin manufacturing outside the United Kingdom," the report quoted Speth, as saying.
"It seems only fitting this new venture will take place in the world's fastest-growing market for premium vehicles," Speth added.
The agreement follows an 80 percent rise in sales of Jaguar Land Rovers in China so far this year, the report said.
JLR hopes to boost last year's record 1.5billion pounds profits when the new factory opens, it added.