Earlier this week both the United Kingdom and China signed business deals reported to be worth around 2.6 billion pounds ($4 billion). A part of those deals included arrangements to sell more Jaguar and Land Rover vehicles in China.
Jaguar Land Rover, which is currently a unit of the Indian conglomerate Tata Corp, has committed to sell around 40,000 vehicles in the world’s largest auto market, in a deal alone worth 1 billion pounds ($1.53 billion).
The deals were signed after a visit to Britain by China’s vice premier Li Keqiang. Other large deals were also announced following the VP’s visits to Spain and Germany.
The Jaguar Land Rover deal, according to that firm’s CEO Ralf Speth, “not only signals the acceleration of our growth plans but also reflects both the importance of the Chinese market to Jaguar Land Rover and our value to the UK economy.”
Jaguar-Land Rover currently has three manufacturing plants in the United Kingdom, one in Halewood, Liverpool (a former Ford factory) and two in the West Midlands, Castle Bromwich and Solihull.
The current British Government , despite enacting austerity measures to stimulate economic recovery, including major slashes in public spending, hopes that the China deal will help spur growth at home.