Jaguar-Land Rover eyes booming China marketJuly 6th, 2012 - 5:31 pm ICT by IANS
Shangai, July 6 (IANS) With booming sales, China will soon overtake North America to become the second largest market for luxury carmaker Tata-owned Jaguar-Land Rover (JLR) after Britain, the company’s top executive predicted Friday.
JLR chief executive officer Ralf Speth told Xinhua that the company will increase investment in China to expand its sales network in the country and develop cars that best meet Chinese consumers’ demands.
Speth said an assembly line introduced in a tie-up between JLR and China’s Chery Auto has passed the government’s environmental assessment and is on track toward completion.
He said the models produced by the joint venture would remain “luxurious and high-end”.
Chery is best known for its inexpensive sedans in China. Involving an investment of 17.5 billion yuan, the Chery-JLR joint venture is expected to roll off its first vehicle in 2014.
Speth, leading the company’s senior executives for a week-long China market study tour, said he is even confident the Asian nation will eventually overtake JLR’s British home to become the company’s top market in the world.
According to JLR, more than 37,000 JLR cars were sold in China in the first half of 2012, doubling that of the same period last year.
In 2008, Ford sold JLR for $2.3 billion to India’s Tata Motors, which has been focusing on emerging markets such as Russia and China.
Boosted by strong demand from the Chinese market, JLR recorded pre-tax profits of 1.51 billion pounds ($2.36 billion) in the 2011 fiscal year, up 34 percent from a year earlier. Sales hit 314,433 units including 54,039 Jaguar models and 260,394 Land Rovers.
- Tata's Jaguar Land Rover, China's Chery in joint venture - Mar 21, 2012
- Tata Motors global sales up 26 percent in March - Apr 16, 2012
- Jaguar Land Rover opens first plant in India - May 27, 2011
- Jaguar Land Rover to invest 355 mn pounds on engines - Sep 19, 2011
- Tata Motors Group's November sales up 35 percent - Dec 15, 2011
- Tata Motor appoints Karl Slym as managing director - Aug 14, 2012
- Jaguar to launch limited edition supercar - May 06, 2011
- Tata Motors scrip down on concerns over JLR - May 30, 2012
- China in Jaguar Land Rover rescue act with 600 mn pound deal - Feb 28, 2009
- Tata Motors February sales up 19 percent - Mar 01, 2012
- Tata Motors' October sales up five percent - Nov 01, 2011
- Tata Motors' March global sales up one percent - Apr 15, 2011
- Tata Motors registers a profit of rupees 6.5 billion in December quarter - Feb 27, 2010
- Tata Motors, JLR to collaborate on R&D; - Sep 07, 2011
- Tata Motors global sales grows 27 percent in December - Jan 16, 2012
Tags: asian nation, assembly line, chery auto, chief executive officer, china market, chinese consumers, chinese market, emerging markets, environmental assessment, jaguar models, jlr, joint venture, land rovers, luxury carmaker, sedans, senior executives, tata motors, tax profits, top executive, xinhua