Luxury auto makers are all flocking to the Chinese market, and Jaguar Land Rover have been lagging behind. Today, they have signed a deal with Chinese automaker Chery to manufacture and sell vehicles in China.
The deal comes after news that Jaguar, and owner Tata motors have been seeking out a deal in the past few weeks.
China is considered one of the largest car markets, and this deal is expected to help boost Jaguar Land Rover sales. The agreement, worth $2.78 Million, is now undergoing a complex approval process.
“This is an important step for JLR and Tata Motors moving forward,” said Vineet Hetamasaria, auto analyst at PINC Research in Mumbai. “Though this is only an agreement, and it will be some time before we see the results.”
The first vehicles expected to be put into production are Land Rovers, and Jaguar vehicles will follow.
We’re wondering if Jaguar is a little too late to the party, since a recent report has indicated that car sales in China have cooled off, dropping 24% in January. Jaguar is clearly thinking that it still has a chance to cash in on the Chinese Market, but the results remain to be seen.
[Source: Automotive News]